April 25 Los Angeles-based City National Corp
said its banking unit would buy Rochdale Investment
Management, in a deal that would raise the company's assets
under management and administration to more than $60 billion.
The company did not disclose the specific terms of the deal,
but said the deal would add modestly to earnings this year.
"The result (of the acquisition) is a much stronger and
diversified national wealth management company with the scale
and skills to do even more for its clients and colleagues and
our shareholders," City National Chief Executive Russell
Goldsmith said in a statement.
City National's focus on wealth management helped it do well
during the financial crisis.
The company said the combination of City National Asset
Management and Rochdale would result in an $18 billion firm
focused on high-networth and affluent investors.
The unit would operate separately as a registered investment
adviser within City National's wealth management business and
would be led by Rochdale's current CEO, Garrett D'Alessandro.
City National's adviser was Berkshire Capital Securities
LLC. Rochdale was advised by Sandler O'Neill & Partners L.P.
City National's shares closed at $52.57 on Tuesday on the
New York Stock Exchange.