KeyCorp Checks Out of Bundled DC Biz

June 12, 2002 ( - KeyCorp has decided to exit the bundled defined contribution business effective immediately - and has recommended The Principal Group as a replacement provider.

The strategic business agreement provides for the service transition of Victory Capital Management’s 1,400 employer defined contribution clients with up to $8 billion in assets to The Principal

The move to The Principal is effective immediately.  KeyCorp and its affiliates at Victory Capital Management are working with The Principal on the transition.

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As part of the agreement, The Principal will add Victory Funds and the EB Magic Fund to its investment menu for Victory clients. In addition The Principal Blueprint program will be accessible to Victory clients as an investment platform.

Victory Capital Management will continue to provide investment management, master trust, custody, bundled defined benefit, and securities lending services to institutional clients.