GE Completes Sale of GE Asset Management to State Street
July 01 2016 - 7:53AM
Business Wire
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 GEGE (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 CorporationState 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 AdvisorsFor 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 StatementsThis
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160701005389/en/
Media:GEDave Lurie,
646-682-5618david.lurie1@ge.comorState StreetCarolyn Cichon,
617-664-8672ccichon@statestreet.com
GE Aerospace (NYSE:GE)
Historical Stock Chart
From Mar 2024 to Apr 2024
GE Aerospace (NYSE:GE)
Historical Stock Chart
From Apr 2023 to Apr 2024