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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • Lydian Wealth Management
  • City National Corporation
  • Wealth Management Firms
  • March 27, 2007
  • $7.3 Billion

Seller Details

Founded in 1994, Lydian Wealth Management now manages or advises on client assets totaling $7.3 billion. The firm is headquartered in Rockville, MD, and has offices in the Washington, D.C. area, New York, Philadelphia, Atlanta, Seattle and Portland, OR. Lydian Wealth Management offers wealth management consulting services to individuals and families with average assets of more than $40 million. The firm creates customized investment portfolios, selects outside investment managers and provides personal service. Alternative investments are an important part of its asset allocation strategies. Additional services include estate planning, coordination of credit and other financial facilities and even certain non-financial aspects of family wealth.

Buyer Details

City National Corporation is a financial services company with more than $15 billion in total assets. Its wholly owned subsidiaries, City National Bank and Business Bank of Nevada, provide banking, investment and trust services through 61 offices, including 15 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada and New York City. City National Corporation and its eight majority-owned investment affiliates manage or administer client assets of $48.7 billion, including $27.9 billion under direct management.

Transaction Summary

City National Corporation's acquisition of Lydian Wealth Management will increase City National's assets under management to about $35 billion. Lydian Wealth Management will become an affiliate of Convergent Capital Management LLC, the Chicago-based asset management holding company that City National acquired in 2003. Lydian Wealth Management will change its name to Convergent Wealth Advisors and will remain headquartered in Maryland. All of its senior executives have signed employment agreements and will acquire a significant minority ownership in their company.

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