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 closs in thethird quarter, were not City National will merge Lee Munder with , a Boston-baseed institutional asset management firm in which City National holds a majority interest. The new company will operat e under the Lee Munder Capital Grou name and as an affiliateof LLC, the Chicago-basex asset management holding company that City National acquired in 2003. The combinex company will have morethan $4 billion of assetsa under management and serve as City National's primaryg institutional asset management affiliate.
"Thd combined firm will have the management andinvestment talent, financiaol strength, infrastructure and marketing capabilitiez needed to grow and provide clients with long-term investment performance and superior service," Richard executive vice president of wealth managemenf for City National, said in a statement. Los Angeles-basef City National (NYSE: CYN) is the parent of City Nationakl Bank.