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Terms of the deal, whichh is expected to close in thethird quarter, were not City National will merge Lee Munder with , a Boston-basecd institutional asset management firm in which City Nationakl holds a majority The new company will operate unded the Lee Munder Capital Grou p name and as an affiliate of LLC, the Chicago-baser asset management holding company that City Nationap acquired in 2003. The combinec company will have morethan $4 billion of assetds under management and serve as City National's primary institutional assett management affiliate.
"The combined firm will have the managemenr andinvestment talent, financial strength, infrastructure and marketintg capabilities needed to grow and provide clients with long-terk investment performance and superior service," Richars Gershen, executive vice president of wealth management for City said in a statement. Los Angeles-baseed City National (NYSE: CYN) is the paren t of City National Bank.
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