KeyCorp Picks up Loan Business

May 13, 2002 ( - KeyCorp. said it has agreed to acquire nearly all of the mortgage loan and real estate business of Conning Asset Management including its business with pension fund investors.

According to a Reuters news report, the Conning deal will allow the Cleveland-based bank holding company to issue, service, and securitize multifamily, retail, industrial, and office property loans for pensions and life insurance company investments. Conning now services about $4 billion in commercial mortgage loans, Reuters said.

Officials of KeyCorp.’s Key Commercial Mortgage unit, told Reuters that the Hartford, Connecticut-based Conning’s investor base offers a permanent funding source for its current construction and interim loans.

The May 6 purchase agreement is expected to close within the next 60 days, KeyCorp said. Conning Asset Management is a US unit of Swiss Re.