City National's Assets Under Management Approach $35 Billion
LOS ANGELES, May 1, 2007 (PRIME NEWSWIRE) - City National Corporation (NYSE:CYN) today completed its acquisition of Lydian Wealth Management, a national leader in serving ultra-affluent individuals and family offices. City National announced plans to acquire the investment manager from Lydian Trust Company on March 27 of this year.
Lydian Wealth Management will immediately change its name to Convergent Wealth Advisors and become an affiliate of Convergent Capital Management LLC, the Chicago-based asset management holding company that City National acquired in 2003.
Convergent Wealth Advisors manages or advises on client assets totaling $7.3 billion. Founded in 1994, the firm offers wealth management consulting services to individuals and families with average assets of more than $40 million. It is headquartered in Rockville, Md., and has offices in the Washington, D.C. area, New York, Philadelphia, Atlanta, Seattle and Portland, Ore.
This acquisition brings City National's assets under management to approximately $34.6 billion and its assets under management or administration to more than $55 billion. It also increases the company's ratio of noninterest income to total revenues from 31 percent to about 33 percent.
City National now owns majority interests in nine asset management firms and a minority interest in one more.
About City National
City National Corporation is a financial services company with assets of $15.3 billion in addition to its $55 billion of assets under management or administration. The company's 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.
For more information about City National, visit the company's Website at cnb.com.
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CONTACT: City National Corporation
Christopher J. Carey