In another move to reduce the size of its financial business, GE will explore opportunities to sell GE Asset Management (GEAM) to another leading investment management firm.
GE will seek buyers that possess considerable experience managing retirement plan assets, as well as scale and broad distribution capabilities to support continued growth of GEAM’s third-party client base.
“GE Asset Management has world-class investment capabilities and an experienced, talented team that has done a terrific job managing assets for benefit plans serving GE employees and retirees, as well as other investors,” said GE chairman and CEO Jeff Immelt. “Over time, there has been significant interest from premier investment firms in acquiring GEAM, reflecting its reputation and attractiveness to others in the asset management industry. As we continue to transform GE to focus on our industrial core, now is the right time to explore such a sale.”
An independent fiduciary will be appointed to review the transaction. The independent fiduciary will approve the asset manager that will be engaged to manage the assets related to GE’s primary benefit plans currently managed by GEAM, including the GE pension plan. GE will retain responsibilities as plan sponsor and fiduciary for these plans following the sale. Net sale proceeds from the transaction will be deposited into the GE pension trust, increasing trust assets used to pay GE pension plan benefits.
As part of the transaction, the buyer will separately assume responsibility for the management of GEAM’s third-party client asset base, subject to client consents.
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