City National

(CYN)

completed the acquisition of Boston-based Independence Investment.

The terms of the deal were not disclosed, however the company expects the acquisition to be modestly accretive to earnings in 2006.

The Beverly Hills, Calif.-based company announced plans to acquire the investment manager from

Manulife Financial

(MFC) - Get Report

on March 24.

Independence Investment, a 24-year-old investment firm, manages about $8 billion of U.S. equities on behalf of institutional clients, including corporate, public and Taft-Hartley pension plans as well as foundations and endowments.

The addition of Independence is expected to bring City National's assets under management, as of March 31, to more than $27 billion and its assets under management or administration to more than $48 billion, on a pro-forma basis, excluding $9 billion of assets under management by firms in which City National holds minority stakes, the company said.

Independence will become an affiliate of Convergent Capital Management, the Chicago-based asset management holding company that City National acquired in 2003.

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