City National Bank has agreed to buy Rochdale Investment Management, creating an $18 billion firm called City National Rochdale Investment Management and boosting its assets under management to over $60 billion. 

Rochdale, a $4.8 billion New York investment firm which serves affluent and high net worth clients, will merge with City National Asset Management to form City National Rochdale, offering an array of equity, fixed income and non-traditional investment alternatives, the firm said.

City National Rochdale will be a wholly-owned subsidiary of City National and will operate separately as a registered investment advisor within the bank’s wealth management group.

The new unit will be led by Rochdale's current chief executive, Garrett D'Alessandro. He will report to Richard Gershen, executive vice president of City National's wealth management group.

City National’s chief investment officer, Bruce Simon, will also report to D'Alessandro, additionally serving as CIO of the new unit.

City National serves ultra high net worth clients primarily through Convergent Wealth Advisors. Serving the firm's HNW and affluent investors are City National Rochdale and the company's five majority-owned affiliates. 

The acquisition is expected to close by the end of the second quarter of this year but remains subject to customary consents, including the consent of Rochdale clients, the firm said.