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GE seeks sale of asset management arm amid industrial push

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.

GE launches sales process for U.S. lending units

General Electric Co has launched the sales process for a roughly $40 billion portion of its U.S. commercial lending assets as a part of its broad retreat from its finance businesses, a source familiar with the situation said on Sunday. The Wall Street Journal first reported this development on for GE's planned divestiture. The chunk of the operation involved represents more than half of the $74 billion U.S. commercial lending and leasing portfolio.