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As of Thu 10/23/2014 03:41 PM EST | USD
KeyCorp Reports Third Quarter 2014 Net Income of $197 Million, or $.23 Per Common Share
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.
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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.