LOS ANGELES — City National Bank, America’s Premier Private and Business Bank®, announced today that Garrett D’Alessandro, chief executive officer of City National Rochdale®, will now lead the bank’s wealth management and private banking business. In addition, Tom Galvin, currently a managing director and senior portfolio manager at City National Rochdale, has been named to the role of chief investment officer (CIO).
D’Alessandro will be responsible for overseeing growth and integrating all private banking and wealth management businesses at City National®, which manages or administers $82.7 billion in client assets. The company’s private banking division provides banking and wealth management services to individuals and families, professional services firms and nonprofit organizations. City National’s wealth management subsidiaries include City National Rochdale, which D’Alessandro will continue to lead as CEO. It also includes City National Securities, which offers responsive, broker-assisted trading capabilities.
D’Alessandro brings more than four decades of financial services leadership experience to this role. He will report directly to Kelly Coffey, chief executive officer of City National Bank, and will remain a member of City National’s executive committee.
D’Alessandro joined City National as CEO of City National Rochdale in 2012 when the bank acquired the firm’s predecessor, Rochdale Investment Management, which D’Alessandro had led since 1986.
“Garrett is an outstanding leader, and we are delighted to see him take on this expanded role,” Coffey said. “With his background and deep expertise, he is uniquely suited to further integrate and grow our private banking and wealth management businesses while strengthening our value proposition for clients and investors.”
“Since we merged Rochdale with City National Asset Management eight years ago with Garrett as its CEO, he has done an outstanding job of combining the two firms into one excellent national investment firm,” said Russell Goldsmith, chairman of City National and RBC Wealth Management (U.S.). “He has not only led its strong growth of clients and investments under management from $18 billion to $45 billion* but has also expanded its investment capabilities and personnel to better serve our extensive base of clients across the nation. By taking this well-deserved next step in his career, he will undoubtedly improve our strong private banking business as well.”
As CIO of City National Rochdale, Tom Galvin will manage all equity and fixed-income teams, lead the firm’s asset allocation committee, and develop research and strategies to support asset allocation decisions. Galvin brings more than three decades of investment experience to the role. He joined the firm in 2012 and now leads its large-cap core equity strategy. He has been a member of City National Rochdale’s asset allocation committee since joining the firm and has made significant contributions to its strategic asset allocation decisions. He will report to D’Alessandro.
“Tom brings deep market expertise and a strong, consistent track record of developing and managing successful investment strategies,” D’Alessandro said. “With Tom at the helm, we will be able to further develop and expand our intelligent and highly personalized approach and further establish City National Rochdale as a leader in investment management.”
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For an image of Galvin, go to:
* City National Rochdale manages $45 billion in assets under management as of January 31, 2020.