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Article: City National acquires another money management firm.(subsidiary of Manulife Financial Corp.)(Brief article)
- Article from:
- Los Angeles Business Journal
- Article date:
- April 3, 2006
CopyrightCOPYRIGHT 2006 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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City National Corp., the parent of City National Bank in Beverly Hills, is continuing its strategy of acquiring money managers with the purchase of Independence Investment LLC, from Manulife Financial Corp.
The deal for the Boston-based money manager was called "a natural fit" by Joe Morford, a bank analyst at RBC Capital Markets in San Francisco, who said in a research report it could boost the firm's fee income to 28 percent of total revenues, up from 25 percent.
Morford also maintained his "outperform" rating on City National and increased his price target on the stock to $84 a share. Shares of City National traded up slightly to $76.78 a share last ...