KeyCorp's (KEY) sale of its investment unit is an effort at addition by subtraction, but exactly what it's adding remains fuzzy.

On Thursday, the $90 billion-asset Cleveland company announced it would sell its Victory Capital Management and Victory's broker-dealer affiliate to Crestview Partners for $246 million in cash and debt.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.