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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • Manulife Financial Corporation (Independence Investment LLC)
  • City National Corporation (Convergent Capital Management LLC)
  • Institutional Advisor
  • March 24, 2006
  • $7.5 Billion

Seller Details

Independence is a 24-year-old investment firm that manages approximately $7.5 billion of U.S. equities on behalf of premier institutional clients, including corporate, public and Taft-Hartley pension plans, as well as foundations and endowments. Independence actively manages U.S. equity investment strategies across a variety of market capitalization and investment style parameters, combining strong fundamental research with state-of-the-art quantitative analysis. Independence became part of Manulife Financial Corporation in 2004, when Manulife acquired John Hancock Financial Services, Inc.

Manulife Financial is a Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were $319 billion as of December 31, 2005.

Buyer Details

Convergent Capital Management is a diversified asset management holding company. CCM currently consists of 10 affiliates with more than $13.9 billion in assets under management. CCM's affiliates provide world-class investment services to individuals and institutions throughout the United States. CCM's parent company is City National Corporation.

City National Corporation is a financial services company with $14.6 billion in total assets. Its wholly owned subsidiary, City National Bank, provides banking, investment and trust services through 55 offices, including 12 full-service regional centers, in Southern California, the San Francisco Bay Area and New York City. City National and its affiliates manage or administer approximately $39.6 billion in client trust and investment assets, including more than $19.3 billion under direct management.

Transaction Summary

Independence will become an affiliate of Convergent Capital Management LLC, the Chicago-based asset management holding company that City National acquired in 2003. Independence will remain headquartered in Boston, MA, and retain its name and its investment management philosophy and discipline. All of the investment firm's senior executives have signed employment agreements and will have an ownership stake in the company.

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