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Alternative Market Briefing

State Street to acquire GE Asset Management for $485 million

Thursday, March 31, 2016

Bailey McCann, Opalesque New York:

Boston-based State Street will acquire GE Asset Management for $485 million, according to a statement from the firm. This announcement follows GE’s previous announcement in September that it would explore opportunities to sell GEAM to another leading investment management firm.

The deal will expand State Street's services in active management, as well as in alternative assets and Outsourced Chief Investment Officer (OCIO) mandates. It is also expected to increase SSGA’s assets under management by approximately $100 billion, as it assumes responsibility to manage the assets related to GE’s primary benefit plans currently managed by GEAM—including the GE pension plan.

The existing GEAM team is expected to join SSGA as part of this transaction, with the exception of a small number of GEAM employees who will stay with GE to provide investment oversight of GE’s primary benefit plans. To provide a smooth transition for clients, the core investment and relationship management teams serving GE’s benefit plans and other clients will continue to do so as part of SSGA following the closing.

State Street already manages approximately $2 trillion in assets and has $28 trillion under custody. GEAM manages approximately $115 billion. Reuters first reported in February that State Street had prevailed out of the bidders vying for GEAM.......................

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