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Article: CITY NATIONAL MAKES DEAL MONEY MANAGEMENT FIRM IS PURCHASED.(Business)
- Article from:
- Daily News (Los Angeles, CA)
- Article date:
- November 1, 2000
CopyrightCOPYRIGHT 2000 Daily News. 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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Byline: Chris Sieroty Staff Writer
BEVERLY HILLS - City National Corp. has agreed to buy Reed, Conner & Birdwell, a Los Angeles money management firm with $1.1 billion in assets, a company official said Tuesday.
City National, parent of the largest bank headquartered in Southern California, will acquire the firm with stocks and notes to be paid over five years. The value of the transaction will be determined by the firm's profits in the coming years.
The deal, which is the Beverly Hills-based company's third since August 1999, is expected to close by the end of the year.
``What attracted us was their investment strategy as well as ...