BEVERLY HILLS - City National Corp. said Tuesday that it is buying the Los Angeles investment management firm Reed, Conner & Birdwell for an undisclosed sum.

Reed, Conner & Birdwell, with about $1.1 billion of assets under management, would operate as an independent subsidiary of $8.9 billion-asset City National, which manages about $5.3 billion of assets through its securities division.

The deal is expected to close this year.

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