According to City National Bank, Rochdale will be combined with City National Asset Management to create an US$18 billion investment management firm called City National Rochdale Investment Management.
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The new entity, which will operate separately as a registered investment advisor within City National Bank’s wealth management group, will offer a wide array of equity, fixed income and non-traditional investment alternatives.
Commenting on the acquisition, City National Bank chairman and CEO Russell Goldsmith this is not just an acquisition, but rather a constructive combination of two complementary companies that share the same values and value propositions.
"The result 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. The outstanding portfolio management and client teams of both companies will remain in place and continue to serve their clients and advisors just as they do today, but with a broader product array, enhanced investment capabilities and a strengthened management team."
City National Rochdale Investment Management will be led by Rochdale’s current CEO, Garrett D’Alessandro. He will report to Richard Gershen, executive vice president of City National’s wealth management group.
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By GlobalDataReporting to D’Alessandro will be City National’s chief investment officer Bruce Simon, who will serve in that role in the new firm.
The acquisition is expected to bring City National Corporation’s total assets under management or administration to more than US$60 billion. Not included in this total are nearly US$18 billion held by Matthews International Capital Management, a company in which City National holds a minority stake. Matthews manages assets invested in Asia.
City National expects the acquisition of Rochdale to close by the end of the second quarter of this year.
