State Street Corporation has closed the purchase of GE Asset Management (GEAM) from GE for an undisclosed amount.
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State Street said the deal will offer its investment management arm State Street Global Advisors (SSGA) and its clients a range of benefits, including the addition of new alternatives capabilities, strengthening fundamental equity and active fixed income teams.
Under the deal, 99% of GEAM’s assets under management (over $100bn as of March 31 2016) and nearly 270 former GEAM employees will join the SSGA team.
State Street chairman and CEO Jay Hooley said: "This transaction is a key step in our strategy to invest in higher growth and return businesses. It is also an important part of SSGA’s continued evolution as a premier provider of solutions to clients."
SSGA president and CEO Ron O’Hanley said: "GEAM’s asset management capabilities — in areas spanning active management, alternatives and OCIO mandates — are not only complementary to our own, but will also strengthen the range of SSGA’s offerings in the marketplace.
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