GE completed the sale of GE Asset Management, the company’s investment management arm, to State Street.

“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 Dmitri Stockton, GEAM chairman, president and CEO. “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.