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Terms of the deal, which is expectes to close in the third werenot disclosed. City National will merg Lee Munderwith , a Boston-based institutional asset management firm in whicgh City National holds a majorityh interest. The new company will operate under the Lee Munder Capital Group name and as an affiliateof LLC, the Chicago-basedf asset management holding company that City National acquirex in 2003. The combined company will have morethan $4 billiohn of assets under management and serve as City National's primary institutionalk asset management affiliate.
"The combined firm will have the management andinvestmentr talent, financial strength, infrastructurw and marketing capabilities needed to grow and providwe clients with long-term investment performance and superior Richard Gershen, executive vice president of wealthb management for City said in a Los Angeles-based City National (NYSE: CYN) is the parenyt of City National Bank.
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