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Terms of the deal, whic h is expected to close in the third werenot disclosed. City National will merge Lee Mundetrwith , a Boston-based institutional asse t management firm in which City Nationall holds a majority interest. The new company will operate undere the Lee Munder Capital Group name and as an affiliatweof LLC, the Chicago-based asset management holding companty that City National acquired in 2003. The combined company will have morethan $4 billionb of assets under management and servde as City National's primary institutional assety management affiliate.
"The combined firm will have the management andinvestmentf talent, financial strength, infrastructure and marketing capabilitiez needed to grow and provide clients with long-ter m investment performance and superior service," Richar Gershen, executive vice presidenf of wealth management for City said in a statement. Los Angeles-based City Nationalo (NYSE: CYN) is the parent of City Nationao Bank.
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