Union Bank has named its executive vice president and head of wealth markets, Dennis Mooradian, as president and chief executive of HighMark Capital Management, the bank’s asset management subsidiary.

Mooradian, whose new role is effective from August 1, replaces current president and CEO Earle Malm. Malm joined HighMark in 2002 and is now retiring, but will stay on in an advisory capacity until September, the firm said.

As well as president and CEO, Mooradian will also serve as chairman of HighMark’s board of directors.

HighMark Capital Management provides investment solutions for retirement plans, public agencies, corporations, educational institutions, foundations, endowments, and high net worth individuals.

Union Bank has 401 banking offices across California, Washington, Oregon, and Texas, as well as two international branches. It is the primary subsidiary of UnionBanCal Corporation.