UnionBanCal is acquiring Copper Mountain Trust. Terms were not disclosed. Copper Mountain oversees $6 billion in assets under management and custody, with about $630 million of that for institutional investors in a manager-of-managers approach as of Dec. 31, according to data provided to P&I. UnionBanCal has $132 billion under management and custody; how much was managed for institutional investors could not be determined by press time.
Copper Mountain will continue to function independently.