Keycorp said on Monday it had signed a letter of intent to acquire a New York-based money manager, Spears, Benzak, Salomon & Farrell Inc.

Financial terms for the deal, which is subject to regulatory approval, were not disclosed. But William G. Spears, chairman and founder of the 22-year-old partnership, said Spears Benzak would continue to operate independently in New York if the acquisition is completed.

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