City National Rochdale, LLC (New York)


City National Rochdale, LLC is a large advisory firm based in New York. It manages $38.93 billion of regulatory assets for 27,575 client accounts. It has been registered with the SEC as an adviser since 2013 and has operated in the jurisdictions of Alabama, Alaska, Arizona, and 49 other states.

City National Rochdale provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled investment vehicles, portfolio management for businesses and institutional clients, and selection of other advisers. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

City National Rochdale: assets under management

The assets under management (AUM) of City National Rochdale, LLC is $38.93 billion. The firm's AUM has grown by 98% since the beginning of its operation, and $590.31 million of the total AUM is attributable to clients outside of the United States.

The firm manages $38.88 billion in discretionary accounts and $56.24 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $1.43 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $162.55 thousand.

Investments

The firm invests in exchange traded securities the most. They account for 40% of the total AUM. The second-largest asset type is state and local bonds, which make up 20% of the firm’s portfolio. Investments in investment and business development companies form 14% of the total invested assets.

Fees & Commissions

The advisory firm has a single stream of revenue. Clients pay City National Rochdale, LLC for their services and products based on a percentage of assets under management. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients City National Rochdale serves?

The firm provides services to individuals, investment companies, charitable organizations, high net worth individuals, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of City National Rochdale is pension and profit sharing plans with 11,267 clients and $15.04 billion of assets under management. Among the 7 most similar advisory firms, City National Rochdale has the highest percentage of pension and profit sharing plans out of all clients.

The amount of regulatory assets under management is $20.39 billion for 25,582 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 1% of the firm’s clients are foreign persons or businesses.

City National Rochdale also advises several private funds. Namely, two hedge funds. The minimum investment commitment required of non-related persons ranges from $10,000 to $100,000.

Careers at City National Rochdale, LLC

The company employs 274 people that are either part- or full-time employees. 50 percent of the employees work as investment advisers or researchers. 122 employees are registered as investment adviser representatives with the state securities authorities.

There are 10 people with the role of looking for and bringing in new clients on behalf of the firm. The firm doesn’t compensate employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Bruce David Simon has served as the Chief Investment Officer since 1 Mar 2013. Michael Steele Lukaj joined the executive team most recently as the Chief Compliance Officer.

Direct owners and executive officers


Name Entity Date acquired Ownership Employer ID
Garrett Richard Dalessandro President, chief executive officer, and board member 1 Jan 1997 Other 1910929
Garrett Richard D'alessandro President, chief executive officer and board member 1 Jan 1997 Other 1910929
Llc. City National Rochdale Holdings Managing member 1 May 2005 75% - 100% 20-2931739
Llc Acebes D'alessandro & Associates Managing member 1 May 2005 75% - 100% 20-2931739
Kurt Alexander Hawkesworth Chief operating officer and board member 1 Feb 2008 Other 4043037
William Christopher O'donnell Chief financial officer 1 Jul 2011 Other 4346930
Richard Scott Gershen Board member 1 Jul 2012 Other 2192421
William Jay Freeman Board member 1 Jul 2012 Other 4650630
Francesco Michael Gozzillo Chief compliance officer 1 Jan 2013 Other 2099916
Bruce David Simon Chief investment officer 1 Mar 2013 Other 1976549
Julianne Marie Fries Chief compliance officer 1 Jan 2018 Other 1713102
Michael Steele Lukaj Chief compliance officer 1 Mar 2018 Other 5448713
Matthew Peron Senior managing director, chief inivestment officer 1 Mar 2018 Other 4605992

Indirect Owners

The SEC currently registers 4 indirect owners.

Name Entity Date acquired Ownership Employer ID
City National Corporation Owner 1 Mar 2001 75% - 100% 95-2568550
City National Bank Managing member of cnr holdings, llc 1 Jul 2012 75% - 100% 95-1780067
Rbc Usa Holdco Corporation Owner 1 Nov 2015 75% - 100% 20-0563684
Royal Bank Of Canada Ultimate owner 1 Nov 2015 75% - 100% 13-5357855

Based in New York

The principal office where City National Rochdale, LLC performs its advisory services is located at 400 Park Avenue, New York, NY 10022, which is also the mailing address of the firm. An additional office of the firm is in San Francisco, CA. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 212-702-3500 or by fax 212-702-3535. The normal business hours are 9:00 am - 5:00 pm on Monday - Friday. You can find more information about the New York firm at cnr.com/.