The acquisition of Rochdale Investment Management helped raise City National Corp.'s (CYN) third-quarter income 44% from a year earlier to $59.8 million.
The Los Angeles-based company reported noninterest income of $107.3 million for the quarter, up 54% from a year earlier, it said Thursday. The increase included a 23% increase in trust and investment fees and a 78% increase in brokerage and mutual fund fees. City National largely attributed those increases to its acquisition of Rochdale, a New York City-based investment firm that manages $5.1 billion of assets for affluent clients. The acquisition closed July 2.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access