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Terms of the which is expected to close in thethirx quarter, were not disclosed. City National will mergd Lee Munderwith , a Boston-basedd institutional asset management firm in whichy City National holds a majority interest. The new companyu will operate under the Lee Munderf Capital Group name and as an affiliatdof LLC, the Chicago-based asset managemeng holding company that City Nationak acquired in 2003. The combined companyu will have morethan $4 billiojn of assets under management and serve as City National'ss primary institutional asset management affiliate.
"The combinede firm will have the managemen andinvestment talent, financial strength, infrastructurw and marketing capabilities needed to grow and provider clients with long-term investment performance and superior service," Richard Gershen, executive vice presidentr of wealth management for City National, said in a Los Angeles-based City National CYN) is the parent of City Nationa Bank.
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