Deja vu: Stein Roe outpost to close.(Finance)(Stein Roe Investment Counsel L.L.C. to close Cleveland office)

Crain's Cleveland Business, January, 2003

Byline: RYAN CORNELL Stein Roe Investment Counsel LLC, a Chicago-based money management firm, is closing the doors to its Cleveland office - again. It's the second time the office has been shut down since 1999. A little more than a year ago, Stein Roe reopened its office here with high hopes for growth in 2002.

The directive to close the office, which will happen during the second quarter, came from management in Chicago, said Charles Dale, a Stein Roe senior vice president and Cleveland office manager. Mr. Dale said the dominance of bears on Wall Street during the last three years has pinched revenue at Stein Roe and forced the firm to look at ways to cut costs. ``It's not a Cleveland-specific issue,'' Mr. Dale said. ``This was a cost-cutting...

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