State Street to Acquire GE Asset Management

By Anne Steele

State Street Corp. agreed to acquire GE Asset Management from General Electric Co. for up to $485 million in a cash deal expected to add $100 billion to State Street Global Advisors's assets under management.

The deal comes as GE continues to make strides to exit the financial business by shedding assets of GE Capital. Since announcing its dismantling plan last April, GE has signed some $161 billion in deals.

The transaction is expected to close early in the third quarter and be accretive to State Street's operating-basis earnings per share for the first full 12-month period following closing.

GE Asset Management has more than $100 billion in assets under management for more than 100 institutional clients, including corporate and public retirement plan sponsors, foundations, endowments, sovereign-wealth funds and insurance companies.

State Street said the move would strengthen its fundamental-equity and active-fixed-income teams.

Write to Anne Steele at Anne.Steele@wsj.com

(END) Dow Jones Newswires

March 30, 2016 07:45 ET (11:45 GMT)

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