Combination of City National Asset Management and Rochdale Investment Management Completed
New Firm Further Strengthens City National's Wealth Management Capabilities
LOS ANGELES, Sept. 10, 2013 (GLOBE NEWSWIRE) -- City National Bank, a wholly owned subsidiary of City National Corporation (NYSE: CYN), today said it has launched City National Rochdale, a registered investment advisory firm that manages $20 billion, and combines City National Asset Management and Rochdale Investment Management.
"The new firm, City National Rochdale, is a much deeper and more diversified national wealth management firm with broadened capabilities for bank clients and the clients of financial advisors across the nation. City National Rochdale's disciplined research and access to a broad spectrum of asset classes and investment strategies allows us to create truly personalized portfolios," said Richard Gershen, executive vice president and head of wealth management for City National Bank.
The firm now includes:
- A senior management team with extensive capabilities in private investment management;
- 180 professionals across the country with headquarters in Los Angeles and New York, and offices in San Francisco, Orlando, Kansas City, Dallas, Denver, Grand Rapids, Potomac and Richmond;
- Broadened capabilities in equity and fixed income research and a new asset allocation framework that integrates leading-edge strategies across all asset classes;
- State-of-the-art, intelligently personalized portfolios centered on a client's personal performance benchmark;
- A new website: www.cnr.com.
In addition, mutual fund management has been integrated and CNI Charter Funds is now City National Rochdale Funds. More information can be found at www.citynationalrochdalefunds.com.
City National Rochdale is led by CEO Garrett D'Alessandro and Chief Investment Officer Bruce Simon.
"We provide clients with direct access to a dedicated portfolio relationship manager," said D'Alessandro. "We also give them active portfolio management and dynamic risk management centered on client performance – capitalizing on our unique market insights and sophisticated research. As part of one of America's most admired wealth managers and the 24th largest American bank, we can really expand delivery of our services."
City National Rochdale, which is being officially launched about a year after City National acquired Rochdale Investment Management, builds upon City National's strategy of providing investment and advisory services in three distinct client segments. City National serves ultra-high-net-worth clients primarily through Convergent Wealth Advisors. It manages institutional investments principally through Lee Munder Capital Group.
About City National:
City National Bank is the wholly owned subsidiary of City National Corporation (NYSE:CYN). It is backed by $27.4 billion in total assets, and provides banking, investment and trust services through 78 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. The company and its investment affiliates manage or administer nearly $60 billion in client investment assets, including $40.6 billion under direct management.
For more information about City National, visit the company's Website at cnb.com
CONTACT: Media Contact: Debora Vrana, 213.673.7631 Debora.Vrana@cnb.com
Source:City National Corporation