City National acquiring wealth manager
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City National Corp. said Tuesday that it would acquire Lydian Wealth Management, a Rockville, Md.-based company that handles investments for the very wealthy.
Beverly Hills-based City National didn’t disclose terms of the transaction but said it expected the all-cash deal would close in the second quarter of 2007. The bank said the acquisition would dilute its per-share earnings slightly this year and add to them thereafter. Shares of City National sank $1.34 to $74.05.
The acquisition of Lydian, which has more than $7.3 billion in assets under management, would bring City National’s wealth-management business to more than $35 billion in assets.
Lydian would become an affiliate of Convergent Capital Management, a Chicago-based asset manager that City National acquired in 2003. City National said it now owned majority interests in eight asset-management firms and a minority interest in one more.
-- E. Scott Reckard
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