CLEVELAND - Keycorp said it had completed its previously announced acquisition of New York City-based Spears, Benzak, Salomon & Farrell Inc.

The management team, including chairman William G. Spears, will remain in place, Keycorp said.

Spears Benzak is an investment management firm with aggregate assets under management of more than $3 billion. It provides services to individuals, nonprofit institutions, and pension funds in the United States and abroad. The firm manages equity, fixed-income, and balanced portfolios; an investment partnership; and its own family of mutual funds.

Keycorp manages about $31 billion of assets for individuals, trusts, and businesses.

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