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GE Completes Its GE Asset Management Divestment To State Street

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GE Completes Its GE Asset Management Divestment To State Street

General Electric Company (NYSE: GE) disclosed it completed the divestment of its GE Asset Management (GEAM) to State Street Corp (NYSE: STT). GEAM is its investment management arm.

GE indicated the net sale proceeds from the transaction would be deposited into its GE Pension Trust thus boosting the trust assets used to pay GE pension plan benefits. Credit Suisse helped GE in this transaction. GEAM was earlier a fully owned unit of GE, separate from GE Capital.

GEAM chairman, president and CEO Dmitri Stockton, commented, "As set forth in our announcement earlier this year about the planned sale of GE Asset Management, this transaction is consistent with GE's efforts to simplify its financial services portfolio and maximize value for shareholders."

Related Link: GE Trying To Sell Remaining Stake In Hyundai

He added, "State Street is an excellent franchise and provides an outstanding environment for the GE Asset Management team to bring its world-class capabilities to an even broader investor base."

Similarly, State Street chairman and CEO Jay Hooley, said, "This transaction is a key step in our strategy to invest in higher growth and return businesses. It is also an important part of SSGA's continued evolution as a premier provider of solutions to clients."

At time of writing, GE was flat on the day.

 

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Posted-In: Credit Suisse Dmitiri Stockton GE Asset Management Jay HooleyNews Asset Sales Trading Ideas