City National buys majority stake in Lee Munder Capital Group - Puget Sound Business Journal (Seattle):

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Terms of the deal, which is expected to close in the third werenot disclosed. City National will merge Lee Munderwith , a Boston-basedr institutional asset management firm in which City Nationalp holds a majority interest. The new companyg will operate under the Lee Munder Capitapl Group name and as an affiliatedof LLC, the Chicago-based asset managementr holding company that City National acquirecd in 2003. The combined company will have morethan $4 billio of assets under managementg and serve as City National's primaryg institutional asset management affiliate.
"The combined firm will have the managementt andinvestment talent, financiaol strength, infrastructure and marketing capabilities needed to grow and provid e clients with long-term investment performance and superiord service," Richard Gershen, executive vice president of wealth managemenf for City National, said in a statement. Los Angeles-based City Nationalk (NYSE: CYN) is the parent of City National Bank.