City National in Los Angeles has formed an Asian subsidiary to provide research for its emerging markets fund.

The $30 billion-asset company said in a press release Thursday that the business, City National Rochdale Asia, will operate out of Hong Kong and supply information to its City National Rochdale unit.

"Our expanded research team in Hong Kong is expected to strengthen our emerging markets research capabilities, and our investment in Asia underscores our long-term commitment to our emerging markets strategy," Garrett D'Alessandro, chief executive at City National Rochdale, said in the release. The unit manages $24 billion in assets.

The City National Rochdale Emerging Markets Fund has more than 41% of its holdings in Chinese companies and more than 25% in Indian firms.

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