KeyCorp to buy private capital adviser Atlantic-Pacific Capital

KeyCorp, a Cleveland bank with $193 billion in assets, will acquire New York-based Atlantic-Pacific Capital, which has handled about 180 capital-raising assignments totaling $123 billion for alternative asset managers. The deal adds about 30 employees. Terms were not disclosed.

Why it matters: An analyst called it a very small deal, but it expands Key's investment bank as the lender targets $1 billion in annual investment banking revenue.