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- Date Announced
- Seller AUM
- Lee Munder Capital Group
- Convergent Capital Management (City National Corporation)
- Wealth Management Firms
- June 9, 2009
- $3 Billion
Based in Boston, Lee Munder manages funds for institutional and private clients. Formed in 2000, Lee Munder Capital Group provides its clients with a variety of investment strategies, including small-cap growth, small- and mid-cap value, global multi-cap, large-cap core, international equities and fixed income. On average, the firm’s portfolio managers have more than 20 years of experience in the investment management industry.
City National Corporation, the parent company of City National Bank, is headquartered in Los Angeles and backed by $16.9 billion in total assets. In addition to wealth management services, the company provides banking solutions through 63 offices, including 15 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada and New York City.
Lee Munder Capital Group will merge with Independence Investments, a Boston-based institutional asset management firm in which City National holds a majority interest. The combined company will become City National’s primary institutional asset management affiliate. With more than $4 billion of assets under management, it will operate under the Lee Munder Capital Group name and as an affiliate of Convergent Capital Management LLC, the Chicago-based asset management holding company that City National acquired in 2003.
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