GE Asset Management had $115 billion in assets under management as of June 30, according to GE, and manages retirement plans for the vast majority of GE’s 136,000 U.S. employees as well as assets for outside institutional investors including third-party retirement plans.
The plan to unload the asset management arm comes after GE announced in April it would seek to sell some $200 billion worth of its GE Capital assets as it moves away from financial services and focuses more on manufacturing jet engines, power turbines and other big-ticket industrial equipment. GE Asset Management is separate from GE Capital.
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GE seeks sale of asset management arm amid industrial push