GE [NYSE:GE] today announced it has completed the sale of GE Asset Management (GEAM), the company’s investment management arm, to State Street Corporation [NYSE:STT].
“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,” said GEAM Chairman, President and CEO Dmitri Stockton. “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.”
Net sale proceeds from the transaction will be deposited into the GE Pension Trust, increasing trust assets used to pay GE pension plan benefits. GE was represented in this transaction by Credit Suisse. GEAM was previously a wholly owned subsidiary of GE, separate from GE Capital.
About GE
GE (NYSE:GE) is the world’s Digital Industrial
Company, transforming industry with software-defined machines and
solutions that are connected, responsive and predictive. GE is organized
around a global exchange of knowledge, the "GE Store," through which
each business shares and accesses the same technology, markets,
structure and intellect. Each invention further fuels innovation and
application across our industrial sectors. With people, services,
technology and scale, GE delivers better outcomes for customers by
speaking the language of industry. www.ge.com
About State Street Corporation
State Street Corporation
(NYSE:STT) is one of the world's leading providers of financial services
to institutional investors, including investment servicing, investment
management and investment research and trading. With $27 trillion in
assets under custody and administration and $2 trillion* in assets under
management as of March 31, 2016, State Street operates in more than 100
geographic markets worldwide, including the US, Canada, Europe, the
Middle East and Asia. For more information, visit State Street’s website
at www.statestreet.com.
* Assets under management include approximately $33 billion as of March 31, 2016, for which State Street Global Markets, LLC, an affiliate of SSGA, serves as the distribution agent.
About State Street Global Advisors
For nearly four decades,
State Street Global Advisors has been committed to helping our clients,
and those who rely on them, achieve financial security. We partner with
many of the world’s largest, most sophisticated investors and financial
intermediaries to help them reach their goals through a rigorous,
research-driven investment process spanning both indexing and active
disciplines. With trillions in assets, our scale and global reach offer
clients access to markets, geographies and asset classes, and allow us
to deliver thoughtful insights and innovative solutions.
State Street Global Advisors is the investment management arm of State Street Corporation.
Caution Concerning Forward-Looking Statements
This document
contains "forward-looking statements" – that is, statements related to
future events that by their nature address matters that are, to
different degrees, uncertain. For details on the uncertainties that may
cause our actual future results to be materially different than those
expressed in our forward-looking statements, see http://www.ge.com/investor-relations/disclaimer-caution-concerning-forward-looking-statements
as well as our annual reports on Form 10-K and quarterly reports on Form
10-Q. We do not undertake to update our forward-looking statements. This
document also includes certain forward-looking projected financial
information that is based on current estimates and forecasts. Actual
results could differ materially.
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Contacts:
GE
Dave Lurie, 646-682-5618
david.lurie1@ge.com
or
State
Street
Carolyn Cichon, 617-664-8672
ccichon@statestreet.com