City National Corp. of Beverly Hills said it has completed its acquisition of Lydian Wealth Management, a Rockville, Md., investment manager for ultra-affluent individuals and families.
The deal's closing was announced Tuesday. City National announced plans to buy the investment manager from Lydian Trust Co. on March 27.
Lydian Wealth Management will immediately change its name to Convergent Wealth Advisors and become a unit of Convergent Capital Management LLC, the Chicago asset management holding company that City National bought in 2003.
City National now has $34.6 billion of assets under management. As of March 31, Lydian Wealth Management had $7.3 billion. It offers wealth management consulting services to individuals and families with average assets of $40 million or more.
