My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

Acquisitions

State Street to Buy GE Asset Management for Up to $485 Million

1 min read
This story originally appeared on Reuters

State Street Corp. said it would buy General Electric Co.'s asset management business for up to $485 million as the industrial conglomerate winds down its financing arm to reduce regulatory burden.

The deal, which could boost State Street's assets under management by about $100 billion, is expected to be finalized early in the third quarter.

GE said proceeds from the transaction would be deposited into its pension trust.

Reuters reported in early February that Boston-based State Street has prevailed over other bidders, including Goldman Sachs Group Inc., for the business.

GE has been disposing assets off GE Capital, a $200 billion financing business, as it seeks to return to its industrial roots.

GE's asset management arm managed $115 billion in assets as of June 30. It manages retirement plans for a vast majority of the company's 130,000 U.S. employees, as well as assets for outside institutional investors.

 
 

State Street had $28 trillion in assets under custody and administration and $2 trillion in assets under management as of the end of December.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Don Sebastian)

More from Entrepreneur

Jon Horowitz is dedicated to helping brands with grow their social footprint by aligning with influencers and creating innovative content.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Are you paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.

Latest on Entrepreneur