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KEYCORP AND FIRST ALBANY CORPORATION SIGN MUTUAL FUND AGREEMENT

 ALBANY, N.Y., Jan. 11 /PRNewswire/ -- Victor J. Riley, Jr., KeyCorp's (NYSE: KEY) chairman, president and chief executive officer, and Hugh A. Johnson, president of First Albany Asset Management Corporation, have announced the signing of a Definitive Agreement whereby Key Trust Company will succeed First Albany Asset Management Corporation as investment advisor to the Investors Preference Fund for Income, Inc. and the Investors Preference New York Tax-Free, Inc. Pending approval by fund shareholders, the anticipated closure of the agreement will be at the end of the first calendar quarter.
 The two funds have total assets of approximately $80 million. They will become part of the Victory Funds managed by KeyCorp, bringing the total number of available funds under the Victory name to 15. First Albany will become the sub-advisor for the Investors Preference Fund for Income, Inc. and will offer the full Victory family of funds to First Albany Corporation customers.
 W. Christopher Maxwell, KeyCorp's executive vice president and chief investment officer, commented, "We are pleased to be able to offer our customers two more alternative investment opportunities within the Victory Funds family of mutual funds. The Investors Preference Fund for Income invests primarily in investment grade mortgage backed securities which have historically provided a high level of current income that has been well-received in the national marketplace." Hugh Johnson agreed that "this association will be a benefit to our shareholders and investors. We are pleased to have been able to put these funds together."
 KeyCorp (NYSE: KEY), with assets over $32 billion, is a multi- regional bank holding company headquartered in Albany, N.Y. It focuses its business on consumers and small- to medium-sized commercial enterprises. First Albany Asset Management is a subsidiary of First Albany Companies Inc. (NASDAQ: FACT) which is the parent of First Albany Corporation. First Albany provides securities brokerage services to individual and institutional clients, engages in market-making and trading of corporate, government and municipal securities, and maintains active corporate and municipal finance departments.
 -0- 1/11/94
 /CONTACT: Susan Peterson of KeyCorp, 518-486-8258, or Hugh A. Johnson of First Albany, 518-447-8500/
 (KEY FACT)


CO: KeyCorp; First Albany Asset Management Corporation ST: New York IN: FIN SU:

KL -- CL011 -- 0979 01/11/94 11:57 EST
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Publication:PR Newswire
Date:Jan 11, 1994
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