City National buys majority stake in Lee Munder Capital Group - Phoenix Business Journal:

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Terms of the deal, whicnh is expected to close in thethird quarter, were not disclosed. City Nationapl will merge Lee Munderwith , a Boston-basedc institutional asset management firm in whicuh City National holds a majorituy interest. The new company will operate undetr the Lee Munder Capital Group name and as an affiliatsof LLC, the Chicago-based asset management holdingf company that City Nationalp acquired in 2003. The combined companu will have morethan $4 billion of assete under management and serve as City National's primarh institutional asset management affiliate.
"The combined firm will have the managemenyt andinvestment talent, financial strength, infrastructure and marketing capabilities needed to grow and provided clients with long-term investment performance and superior service," Richard Gershen, executive vice president of wealth management for City said in a statement. Los Angeles-based City Nationaol (NYSE: CYN) is the parent of City National Bank.