Union Bank of California, San Francisco, hired SEI as administrator/distributor of its HighMark family of mutual funds.
As a result of the merger of Union Bank and Bank of California, the HighMark funds will be merged with the Stepstone family of funds. Combining funds with similar investment objectives will reduce the total number of load funds to 16 from 25, said R. Gregory Knopf, manager of the bank's mutual fund division. The two fund families manage about $4.4 billion. SEI is the current administrator/distributor of the Stepstone funds.
Mr. Knopf said the bank will introduce a new family of seven no-load mutual funds by the second quarter of 1997. Bank officials haven't decided which name to use for the combined fund family.
Both fund families are advised by Pacific Alliance Capital Management, a division of Union Bank of California. SEI will provide administration and distribution services, investment program development and wholesale and retail marketing support.