City National Bank (CYN) in Los Angeles has combined two wealth management businesses into an investment advisory firm that manages $20 billion.
The new firm, City National Rochdale, merges the bank's asset management affiliate with Rochdale Investment Management, which the $27.4 billion-asset bank acquired last year. It offers a diverse range of investments to wealthy clients.
The firm's chief executive is Garrett D'Alessandro, who previously served as Rochdale's CEO. Along with chief investment officer Bruce Simon, D'Alessandro leads a team of 180 professionals in offices nationwide, including headquarters in Los Angeles and New York City.
City National is the banking unit of City National Corp. It provides banking, investment and trust services in 78 offices across the country.