Beth Mooney, the chairman and CEO of KeyCorp ( KEY ), and other executives took several questions from analysts about their decision to sell Victory Capital Management this year.
KeyCorp will sell its investment management arm, Victory Capital Management and its broker dealer affiliate, Victory Capital Advisers, to a group led by Victory's senior management.
KeyCorp has sold its asset management and broker-dealer businesses for more than $50 million less than originally anticipated.
KeyCorp's decision to sell Victory Management puzzled some, who asked why jettison a fee-based business and whether it might buy or sell some branches.
Aimco Announces Closing of $600 Million Credit Facility
Rabobank finally settles on a buyer for most of Robeco, Fidelity to close Fidelity Small Cap Value, Matthews Asia to launch 2 new funds, and Victory Capital gains independence.
Plus, MFS Global Total Return adds 2 comanagers, Wasatch lures a large-cap value manager from ING, Calamos launches a dividend fund and a mid-growth fund, and American Century announces 2 promotions.
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