Exhibit 99.1

City National Corp. to Acquire Independence Investment LLC; Purchase Will Grow
Noninterest Income and Increase Managed Assets to Nearly $27 Billion

    LOS ANGELES--(BUSINESS WIRE)--March 24, 2006--To further expand
and diversify its successful wealth management business and
capabilities, City National Corporation (NYSE:CYN) today announced a
definitive agreement to acquire Independence Investment LLC from
Manulife Financial Corporation.
    Independence is a 24-year-old investment firm that manages
approximately $7.5 billion of U.S. equities on behalf of premier
institutional clients, including corporate, public and Taft-Hartley
pension plans, as well as foundations and endowments.
    The all-cash transaction is expected to close late in the second
quarter, and City National expects it to be modestly accretive to
earnings in 2006. Terms of the deal were not disclosed.
    This acquisition is expected to bring City National's assets under
management to nearly $27 billion and its assets under management or
administration to more than $47 billion, on a pro-forma basis. These
totals do not include $7 billion of assets under management by firms
in which the company holds minority interests. Noninterest income,
which is now about 25 percent of City National's total revenue, is
expected to grow to approximately 28 percent when the acquisition is
completed.
    "We're very pleased that Independence will become City National's
12th and largest affiliated asset manager," said City National's Chief
Executive Officer Russell Goldsmith. "This addition will significantly
expand our outstanding asset management capabilities, particularly in
the institutional market, where we see potential for additional
growth. In addition to further diversifying our revenue and increasing
noninterest income, this new alliance will broaden the selection of
equity investment strategies we can offer clients, strengthen our
growing network of asset management affiliates and facilitate the
continued success of Independence.
    "Independence is an outstanding firm run by talented, smart and
sophisticated professionals who share our commitment to superior
client service, strong long-term investment performance and the
highest standards of integrity and accountability. We believe the firm
is well-positioned for meaningful growth now and in the years ahead,"
Goldsmith added.
    Independence actively manages U.S. equity investment strategies
across a variety of market capitalization and investment style
parameters, combining strong fundamental research with
state-of-the-art quantitative analysis. Founded in 1982, Independence
became part of Manulife Financial Corporation in 2004, when Manulife
acquired John Hancock Financial Services, Inc.
    "We're pleased to join forces with City National and Convergent
Capital Management," said Mark Lapman, Independence's president and
chief executive officer. "This new partnership will support our
continuing efforts to build a world-class, independently managed
business. It also will further strengthen our ability to serve clients
and take advantage of growth opportunities in the institutional
marketplace."
    Independence will become an affiliate of Convergent Capital
Management LLC, the Chicago-based asset management holding company
that City National acquired in 2003. Directly or through Convergent
Capital, City National owns majority interests in nine asset
management firms and minority interests in two more. Together, these
firms manage nearly $18 billion in assets. City National manages an
additional $8.7 billion in assets through its internal investment arm,
City National Asset Management.
    "We're pleased that Independence will be joining a well-regarded
organization where it can continue to thrive," said Leo de Bever,
executive vice president of Manulife Financial Corporation. "We will
continue to focus on growing our equity, fixed income and alternative
investment businesses on a globally integrated basis."
    Convergent Capital Management has succeeded both by fostering the
growth of its affiliates and by continuing to expand through new
acquisitions. The company invests in a variety of asset management and
related firms, including investment counselors, asset managers and
distribution platforms. All of its affiliates operate under their own
names. They retain complete independence and control of their
investment strategies, as well as meaningful equity positions that
promote entrepreneurship.
    Independence will remain headquartered in Boston, Mass., and
retain its name and its investment management philosophy and
discipline. All of the investment firm's senior executives have signed
employment agreements. These executives will have an ownership stake
in their company for the first time.
    Berkshire Capital Securities LLC assisted Manulife and
Independence with the transaction.

    About City National

    City National Corporation is a financial services company with
$14.6 billion in total assets. Its wholly owned subsidiary, City
National Bank, is California's Premier Private and Business Bank(R).
The bank provides banking, investment and trust services through 55
offices, including 12 full-service regional centers, in Southern
California, the San Francisco Bay Area and New York City. City
National and its affiliates manage or administer approximately $39.6
billion in client trust and investment assets, including more than
$19.3 billion under direct management.

    Forward-Looking Statements

    This news release contains forward-looking statements about the
company, for which the company claims the protection of the safe
harbor provisions contained in the Private Securities Litigation
Reform Act of 1995.
    Forward-looking statements are based on management's knowledge and
belief as of today and include information concerning the company's
possible or assumed future financial condition, and its results of
operations, business and earnings outlook. These forward-looking
statements are subject to risks and uncertainties. A number of
factors, some of which are beyond the company's ability to control or
predict, could cause future results to differ materially from those
contemplated by such forward-looking statements. These factors include
(1) changes in interest rates, (2) significant changes in banking laws
or regulations, (3) increased competition in the company's markets,
(4) other-than-expected credit losses due to real estate cycles or
other economic events, (5) earthquake or other natural disasters
affecting the condition of real estate collateral, (6) the effect of
acquisitions and integration of acquired businesses, and (7) the
impact of changes in regulatory, judicial or legislative tax treatment
of business transactions. Management cannot predict at this time the
extent of the economic recovery, and a slowing or reversal could
adversely affect our performance in a number of ways, including
decreased demand for our products and services and increased credit
losses. Likewise, changes in deposit interest rates, among other
things, could slow the rate of growth or put pressure on current
deposit levels. Forward-looking statements speak only as of the date
they are made, and the company does not undertake to update
forward-looking statements to reflect circumstances or events that
occur after the date the statements are made, or to update earnings
guidance, including the factors that influence earnings.
    For a more complete discussion of these risks and uncertainties,
see the company's Annual Report on Form 10-K for the year ended
December 31, 2005 and particularly the section of Management's
Discussion and Analysis therein titled "Cautionary Statement for
Purposes of the 'Safe Harbor' Provisions of the Private Securities
Litigation Reform Act of 1995."

    CONTACT: City National Corporation
             Christopher J. Carey, 310-888-6777 (Investors)
             Chris.Carey@cnb.com
             or
             Cary Walker, 213-833-4715 (Media)
             Cary.Walker@cnb.com