City National's Lydian deal a bid to attract jet-setters; Plans to open L.A. office by end of summer.(News)

Investment News, May, 2007

Byline: Charles Paikert

LOS ANGELES - City National Corp.'s acquisition of Lydian Wealth Management Co. LLC, which closed this month, marks a bold move by the financial services company to make significant inroads into the ultrahigh-net-worth market.

"We see this as one of the best markets in the country for wealth management, particularly for the ultra-affluent,'' said William Freeman, senior vice president for corporate development at City National Bank, a subsidiary of Beverly Hills, Calif.-based City National Corp.

Under the leadership of chief executive Steve Lockshin, Lydian had emerged as one of the top wealth management companies in the country.

In addition to its Rockville, Md., headquarters, it has offices in...