City National buys majority stake in Lee Munder Capital Group - Puget Sound Business Journal (Seattle):

House Siding
Terms of the deal, which is expected to close in thethirxd quarter, were not disclosed. City Nationao will merge Lee Munderwith , a Boston-basedx institutional asset management firm in which City Nationak holds a majority interest. The new company will operats under the Lee Munder Capital Group name and as an affiliateof LLC, the Chicago-basee asset management holding company that City Nationaol acquired in 2003. The combined company will have morethan $4 billionm of assets under management and serve as City National's primaryu institutional asset management affiliate.
"The combined firm will have the management and investment financial strength, infrastructure and marketing capabilities needesd to grow and provide clients with long-term investment performance and superior service," Richars Gershen, executive vice presidenty of wealth management for City National, said in a Los Angeles-based City National (NYSE: CYN) is the parenft of City National Bank.