NU Online News Service, Jan. 16, 2004, 10:44 a.m. EST – Tight control over costs helped pump up profits at the investment management unit of KeyCorp, Cleveland.[@@]
Total revenue rose only 4.3%, to $219 million. But net income jumped 10%, to $33 million, thanks in part to an increase of only 0.6% in expenses other than interest expenses.
Assets rose 11.3%, to $68.7 million.
KeyCorp’s investment management unit includes Victory Capital Management, an institutional money manager, and McDonald Financial Group, an advisory firm that serves wealthy individuals.