This Week
  • LaBella to acquire Gardner Plus Architects to boost health care design area.

  • Brett Farrow stayed true to his interests in law, medicine and business.

  • Allen Rossignol launched Edge Architecture in 2002 and has guided its growing prominence.

  • With two strikes against it, Century Mold Co. Inc. managed to hit a home run twice.

  • More precise diagnoses are now possible though advances in personalized medicine.

  • The Senior Living and Long-Term Care Services Directory provides a wealth of information.

KeyCorp to sell investment management subsidiary

Rochester Business Journal
February 22, 2013

KeyCorp said Thursday it plans to sell its investment management subsidiary Victory Capital Management Inc. and affiliate brokerage Victory Capital Advisors for $246 million.

The Cleveland-based company will sell to a partnership of Victory’s senior management team and other employees owning significant shares of the business, and New York City private-equity firm Crestview Partners, officials said Thursday.

The sale is expected to close in the third quarter.

“This new ownership structure will preserve our successful multi-boutique operating model and provide an opportunity for real equity ownership to our employees that will align our interests with those of our clients, today and well into the future,” Victory CEO David Brown said in a statement.
KeyCorp is the parent of KeyBank N.A. in the Rochester market. It also oversees investment banking products under the trade name KeyBanc Capital Markets.

“For Key, the divestiture is consistent with our strategic focus on businesses that leverage the competitive advantages of our core relationship banking model,” said KeyCorp chairman and CEO Beth Mooney in a statement.
The sale—to a private-equity fund sponsored by Crestview Partners—consists of $201 million at closing and a seller note with an initial face amount of $45 million, officials said. The final value will be determined at the end of the year.

New York City-based Crestview Partners has assets of $4 billion, officials said.
Victory plans to maintain its Cleveland headquarters, with offices in New York City, Cincinnati, Denver and Tampa. It manages and advises some $22 billion in equity and fixed income assets.

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email

What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment


Not registered? Sign up now!

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google