City National Bank in Los Angeles has agreed to sell its retirement services business to OneAmerica, an insurance and asset management firm.
City National's retirement unit, based in San Diego, will be rebranded as OneAmerica Retirement Services. The bank has also agreed to distribute OneAmerica retirement products and provide trustee services to certain customers.
A purchase price was not announced. The deal is expected to close by yearend.
"The alliance with OneAmerica will serve our clients well as their needs and the industry continue to evolve," Rich Gershen, the bank's executive vice president of wealth management services, said in a press release Wednesday.
City National currently administers $6.5 billion in retirement assets, while OneAmerica's retirement business manages assets of more than $24 billion, according to the release.
City National has assets of $26 billion and is a subsidiary of City National Corp. (CYN). The bank has 77 offices in California, Nevada, New York, Tennessee and Georgia.