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KeyCorp Reverses Alaska Pullback as State Liberalizes Trust Law
Beginning of article
KeyCorp is rushing back to Alaska.
The Cleveland-based bank, which has about $900 million of personal trust assets under management in Alaska, had been pulling back staff from the state.
But thanks to a law adopted in April that favors trust departments, KeyCorp is once again hot on the nation's coldest state.
"There's nothing wrong with being an opportunist," said William M. Hunter 2d, the executive vice president of KeyCorp's private bank.
The Alaska law contains several provisions intended to attract into trust accounts money that typically would go offshore for protection from creditors.
Unlike most states, Alaska now puts no time limit on the …
