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

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Terms of the which is expected to close in the third werenot disclosed. City Nationapl will merge Lee Munderwith , a Boston-based institutionap asset management firm in which City Nationap holds a majority interest. The new company will operatre under the Lee Munder Capitao Group name and as an affiliatof LLC, the Chicago-based asset management holdiny company that City National acquired in 2003. The combined companyh will have morethan $4 billion of assetsa under management and serve as City National'sw primary institutional asset management affiliate.
"The combinedd firm will have the management and investment financial strength, infrastructure and marketing capabilities needed to grow and provide clients with long-ter m investment performance and superior service," Richard executive vice president of wealth management for City National, said in a Los Angeles-based City National (NYSE: CYN) is the parent of City National Bank.