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Article: Society aims to cut new jewel with asset unit. (Society Corp.; Society Asset Management Inc.)
- Article from:
- Crain's Cleveland Business
- Article date:
- June 7, 1993
- Author:
CopyrightCOPYRIGHT 1993 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Society Corp. has broken up a crown jewel.
Cleveland's largest bank holding company is building up a new subsidiary dubbed Society Asset Management Inc. The unit was formed earlier this year to compete with other money managers vying for the business of large investors such as pension funds.
But the gems with which Society is building its asset management company were chipped away from the bank's trust department. When Society acquired Ameritrust Corp. in 1991, Ameritrust's trust department, with its $20 billion of assets under management, was considered that company's crown jewel.
Society has transferred $16 billion in assets from its trust department ...