Effective immediately, ESI will close all investment portfolios managed by City National Rochdale (“CNR”) to new business. This includes via AssetMark, SEI and directly with CNR.
This decision was made following CNR’s disclosure of a Securities and Exchange Commission’s (“SEC”) Wells Notice issued to CNR’s CEO Garrett D’Alessandro, as well as an ongoing investigation of CNR by the SEC for the same alleged violations of the Investment Advisers Act of 1940. CNR’s disclosure can be read by clicking here.
CNR will provide ongoing management of the accounts currently invested in CNR portfolios.
ESI will continue to monitor the situation and provide updates as they become available.
TC123896(1101)1