Rochdale, an investment firm managing $4.8bn assets, will merge with City National Asset Management, setting an $18bn investment management firm known as City National Rochdale Investment Management.
Upon completion of the integration, the firm will operate as a registered investment separate entity under the bank’s wealth management group, said City National.
City National Bank chairman and chief executive officer Russell Goldsmith said 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," Goldsmith said.
The new investment firm will be managed by Rochdale’s current CEO, Garrett D’Alessandro, under the supervision of Richard Gershen, executive vice president of City National’s wealth management group.
"We’re very excited to join forces with City National’s talented team of investment professionals, all of whom share Rochdale’s passion for outstanding client service and investment performance," D’Alessandro said.
The deal is expected to close by the end of the second quarter of this year after getting necessary regulatory approval and consent of Rochdale clients.
City National got the advice from Berkshire Capital Securities, while Rochdale was advised by Sandler O’Neill & Partners.
City National Bank, a wholly owned subsidiary of City National Corporation offers banking, investment and trust services through 79 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville, and Atlanta.
