City National (CYN) to Acquire NYC-Based Rochdale Investment Management
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City National Bank today announced that it has entered into a definitive agreement to acquire Rochdale Investment Management, a $4.8 billion New York City-based investment firm that manages assets for affluent and high-net-worth clients and their financial advisors across the nation.
Rochdale will be combined with City National Asset Management to create an $18 billion investment management firm called City National Rochdale Investment Management. It will offer a wide array of equity, fixed income and non-traditional investment alternatives. The new firm, a wholly owned subsidiary of City National Bank, will operate separately as a registered investment advisor within the bank's wealth management group.
The acquisition is expected to bring City National Corporation's total assets under management or administration to more than $60 billion. Not included in this total are nearly $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 and to be modestly accretive to earnings in 2012. Closing is subject to customary consents, including the consent of Rochdale clients.
City National's advisor was Berkshire Capital Securities LLC. Rochdale was advised by Sandler O'Neill & Partners L.P.
Rochdale will be combined with City National Asset Management to create an $18 billion investment management firm called City National Rochdale Investment Management. It will offer a wide array of equity, fixed income and non-traditional investment alternatives. The new firm, a wholly owned subsidiary of City National Bank, will operate separately as a registered investment advisor within the bank's wealth management group.
The acquisition is expected to bring City National Corporation's total assets under management or administration to more than $60 billion. Not included in this total are nearly $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 and to be modestly accretive to earnings in 2012. Closing is subject to customary consents, including the consent of Rochdale clients.
City National's advisor was Berkshire Capital Securities LLC. Rochdale was advised by Sandler O'Neill & Partners L.P.
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