City National completes Rochdale acquisition

City National Bank on Monday completed acquisition of Rochdale Investment Management, a New York firm that manages assets for high-net worth clients.

City National announced plans to buy the $4.8 billion firm on April 25. Terms of the deal were not disclosed.

Rochdale and City National Asset Management will form a new registered investment adviser, City National Rochdale Investments, as a wholly owned subsidiary of City National. It will have a presence in Las Vegas. City National expects to complete the merger by early 2013.

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