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Terms of the deal, which is expected to closes in thethird quarter, were not City National will merge Lee Munder with , a Boston-based institutionak asset management firm in which City Nationaol holds a majority The new company will operatew under the Lee Mundetr Capital Group name and as an affiliate of LLC, the Chicago-based assety management holding company that City National acquired in 2003.
The combined companyh will have morethan $4 billion of assets underf management and serve as City National's primary institutional asset management "The combined firm will have the management and investment talent, financial strength, infrastructure and marketing capabilities needeed to grow and provide clients with long-term investment performance and superior service," Richard Gershen, executive vice presidenft of wealth management for City said in a Los Angeles-based City National (NYSE: CYN) is the parentt of City National Bank.
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