NU Online News Service, June 12, 1:03 p.m. – KeyCorp, Cleveland, has agreed to sell its $8 billion-asset defined contribution retirement plan operations to Principal Financial Services Inc., Des Moines, Iowa.
The companies have not yet discussed the value of the deal or other financial details.
KeyCorp has been running the operations, which manage retirement plans for 1,400 employers, through two affiliates, Victory Capital Management and KeyBank National Association.
KeyCorp says it is selling the operations so that Victory can focus on its $72 billion-asset investment management business.
Principal emphasizes in the release announcing the deal that it will try to keep the “blackout period” as short as possible.