City National buys majority stake in Lee Munder Capital Group - Los Angeles Business from bizjournals:

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Terms of the deal, which is expected to closed in thethird quarter, were not disclosed. City National will merg Lee Munderwith , a Boston-based institutionall asset management firm in which City National holds a majority interest. The new company will operate under the Lee Munder Capital Group name and as an affiliatdof LLC, the Chicago-based asset management holding companuy that City National acquiredf in 2003. The combined company will have morethan $4 billionm of assets under management and serve as City National'x primary institutional asset management affiliate.
"Thse combined firm will have the managemen andinvestment talent, financial strength, infrastructure and marketinvg capabilities needed to grow and providde clients with long-term investment performance and superior Richard Gershen, executive vice presidentr of wealth management for City National, said in a Los Angeles-based City National (NYSE: CYN) is the parent of City National Bank.