NewswireToday - /newswire/ -
Fairfield, CT, United States, 2016/07/01 - 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] - StateStreet.com. NYSE: GE
“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.
GE (ge.com) 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.
About State Street Corporation
State Street Corporation (statestreet.com) 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.
* 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 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.
State Street Media Contact: Carolyn Cichon
P: 617-664-8672 - E: ccichon[.]statestreet.com.