State Street acquires GE Asset Management

Fund manager State Street has purchased GE Asset Management (GEAM) from GE for up to $485 million as part of a strategic expansion of its asset management services.

In particular, the deal will add around $100 billion to State Street Global Advisors’ (SSGA) assets under management and will add new alternative capabilities, as well as reinforcing its outsourced chief investment officer (CIO) services. State Street chairman and chief executive officer, Jay Hooley, said: “This transaction reflects our view of GEAM as a very high quality organisation with strong cultural alignment with SSGA. It is also reflective of our desire to allocate capital to higher growth and return businesses.” GEAM has over $100 billion in assets under management for over 100 institutional clients, including corporate and public pension funds, sovereign funds and insurance companies.