LOS ANGELES, Feb. 18, 2009 (GLOBE NEWSWIRE) - City National Bank, California's Premier Private and Business Bank today announced that Richard Gershen has joined the company as executive vice president and director of its Wealth Management Services Division. (For an image of Gershen, go to http://www.cnb.com/images/photos/Richard-Gershen.jpg
Gershen, who has more than 30 years of experience in asset management and financial services, will be responsible for City National Asset Management and City National Securities, Inc., the company's broker-dealer subsidiary, as well as the bank's personal trust and business trust services and its eight majority-owned asset management affiliates. He will lead a team of approximately 500 colleagues.
Gershen will serve on City National Bank's executive committee and report directly to Chairman and Chief Executive Officer Russell Goldsmith.
"City National has built one of the nation's premier wealth management businesses by combining excellent service, outstanding capabilities, prudent investment strategies, outstanding professionals and strong relative performance," Goldsmith said. "City National is committed to being the primary source of wealth advice and investment solutions for our growing roster of clients. Rich Gershen has both the experience and expertise to lead and enhance this effort."
Gershen joins City National Bank from Evergreen Investments, a division of Wachovia, where he was executive managing director, business management and strategy, in Charlotte, N.C. With 1,400 employees, Evergreen manages more than $175 billion in separate accounts and funds internationally for high-net-worth, institutional and retail clients. During his nine years there, Gershen had a variety of responsibilities, including acquisitions, risk management, high-net-worth customized portfolio management, the firm's alternative investments platform, product management and technology and operations.
In addition to serving as a board member and relationship manager for affiliate advisors, he was a member of Evergreen's executive committee and chair of the division's risk management committee.
Prior to joining Evergreen in 2000, Gershen served for five years as chief operating officer for Banc of America Capital Management in Charlotte, N.C. While he was there, the investment advisory subsidiary's assets grew from $32 billion to more than $100 billion.
From 1987 to 1995, Gershen was a fixed income portfolio manager and chief financial officer for Shields Asset Management in New York. Prior to joining Shields, he was a controller at Meg Asset Management in New York from 1981 to 1987 and before that, was an auditor at Ernst & Young from 1977 to 1980.
Gershen earned a bachelor's degree in accounting from Hofstra University in New York. He is a certified public accountant.
About City National
City National Bank is the wholly owned subsidiary of City National Corporation (NYSE:CYN). It is backed by $16.5 billion in total assets, and provides banking, investment and trust services through 62 offices, including 15 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada and New York City.
For eight consecutive years, Barron's magazine has named City National to its list of the nation's top wealth managers. The company and its eight majority-owned investment affiliates manage or administer $47.5 billion in client investment assets, including nearly $31 billion under direct management.
For more information about City National, visit the company's Web site at cnb.com.
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