CLEVELAND--Society Corp. said it completed its acquisition of Schaenen Wood & Associates Inc., a New York-based investment management firm.
Terms of the cash purchase were not disclosed.
Schaenen Wood, a privately-held corporation owned by its principal officers and Prenor Financial Ltd., manages about $1.2 billion of assets. Clients include pension and profit-sharing plans, endowments, foundations, municipalities, Taft-Hartley plans, mutual funds and individuals.
The investment firm will retain the name Schaenen Wood & Associates, Inc., and will continue to be managed by Michael Schaenen, president and chief executive. Schaenen Wood will be a subsidiary of Society Asset Management Inc., which itself is owned by the Cleveland-based company that recently agreed to merge with Keycorp.
As of June 30, 1993, Society had $26 billion in assets, $1.9 billion in equity capital, and $4.1 billion in market capitalization.