Bank to Buy Money Manager.City National Corp., founded 47 years ago as a bank to service Hollywood Hollywood. 1 Community within the city of Los Angeles, S Calif., on the slopes of the Santa Monica Mts.; inc. 1903, consolidated with Los Angeles 1910. movie stars, has agreed to buy Reed, Conner & Birdwell Birdwell can refer to:
The move is part of the larger global consolidation trend among companies in different financial sectors. Mergers have joined banks, brokerages, insurance companies and money-management firms as rules previously banning such combinations have come down. City National said it will acquire Reed Conner with stock and notes to be paid over five years. The value of the transaction will be determined by Reed Conner's profit in coming years. The acquisition will boost Beverly Hills-based City National's assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. to $17.8 billion. Reed Conner's four principals agreed to sign employment contracts with the bank. The money manager is headed by Donn B. Conner. |
|
||||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion