(Pasadena, CA) ̶ Clifford Swan Investment Counsel announced today that the Pasadena-based firm has entered into a definitive agreement to acquire City National’s current equity interest in Clifford Swan and become 100% employee-owned. The deal is expected to close by the end of 2015.
Formed by the merger of Clifford Associates and Philip V. Swan Associates in 2007, the firm’s roots in the industry date back to 1915, when its founder and visionary, A.M. Clifford, was one of the first to coin the term “investment counselor.” In 2003, City National became the primary shareholder in Clifford Swan.
“We are thrilled to be able to begin our second century as investment counselors with this exciting step,” said Linda Davis Taylor, chairman and CEO of Clifford Swan. “As the nation’s oldest registered investment advisory firm, we are proud of our history and pleased to be able to return to our roots as an independently owned firm.”
A.M. Clifford founded his firm in Los Angeles in 1915 and later moved it to Pasadena. Some seventy years later, Philip V. Swan, who began his investment career with the Clifford organization, established his own investment counsel firm. The two companies later joined together based upon a shared heritage and common values of independent advice, rigorous objective research, and commitment to clients. Today, Clifford Swan serves multiple generations of families and not-for-profit organizations.
“City National and Clifford Swan have enjoyed a great partnership since it became an affiliate in 2003,” said Bill Freeman, senior vice president of City National’s Wealth Management Group and a Clifford Swan board member. “We are committed to the wealth business and have achieved strong growth across our investment businesses, including Clifford Swan. This made it a good time for Clifford Swan to become fully independent.”
Clifford Swan manages $2.5 billion in assets for financially successful individuals and families, not-for-profit organizations, foundations and endowments. The firm provides independent, unbiased advice and delivers it through proprietary investment research and custom portfolio management. In 2015, Clifford Swan was recognized as a Financial Times Top 300 Registered Investment Advisor, a Financial Advisor top RIA (14th in California) and a Los Angeles Business Journal “Top 100 Money Management Firm,” and was listed to Forbes’ list of the “Top 100 Wealth Managers.”[1]
Closing is subject to the customary closing conditions and client consents. Rick Adler, CEO of Red Arrow Capital, served as advisor to Clifford Swan.
About Clifford Swan
Founded in 1915 and located in Pasadena, CA, Clifford Swan Investment Counsel manages $2.5 billion in assets. The firm advises individuals, families and mid-sized institutions, crafting personalized strategies for wealth preservation and growth. Completely independent, Clifford Swan employs a disciplined, long-term approach toward investment management.
For more information about Clifford Swan, visit the company’s website at www.cliffordswan.com.
About City National
With $35.6 billion in assets, City National Bank is the 26th largest commercial bank in the United States. It provides banking, investment and trust services through 75 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. The company and its investment affiliates manage or administer $59.4 billion in client investment assets.
City National is a subsidiary of Royal Bank of Canada, which operates in more than 40 countries and has assets of over $1 trillion.
For more information about City National, visit the company’s website at www.cnb.com.
Contacts:
Linda Davis Taylor, Clifford Swan Investment Counsel
ldt@cliffordswan.com
(626) 792-2228
Debora Vrana, City National Bank
debora.vrana@cnb.com
(213) 673-7631
[1] Ranking Criteria: Forbes’ ranking is based on assets under management. Members of the list must manage at least half of their assets on behalf of retail clients, cannot run a broker-dealer or be a bank, and must perform wealth management services. Financial Times’ independent assessment is based upon assets under management, compliance record, years in existence, credentials and accessibility. To be eligible for Financial Advisor magazine’s ranking, firms must be independent registered investment advisors and file their own ADV statement with the SEC, provide financial planning and related services to individual clients, and have at least $50 million in assets under management. Los Angeles Business Journal’s ranking is based on assets managed.
