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Terms of the deal, whichb is expected to close in the third werenot disclosed. City National will merge Lee Munderwith , a Boston-basef institutional asset management firm in which City National holds a majority interest. The new compang will operate under the Lee Munder Capital Group name and as an affiliate of LLC, the Chicago-based asset management holding companyh that City National acquired in 2003. The combinedc company will have morethan $4 billion of assetw under management and serve as City National'es primary institutional asset management affiliate.
"The combined firm will have the management andinvestment talent, financial strength, infrastructure and marketing capabilities needed to grow and provide clients with long-ter investment performance and superior service," Richard executive vice president of wealth management for City said in a statement. Los Angeles-based City Nationapl (NYSE: CYN) is the parent of City Nationalo Bank.
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