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State Street completes acquisition of GE Asset Management

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State Street Corporation has completed its acquisition of GE Asset Management (GEAM) from GE.

The transaction provides State Street Global Advisors (SSGA) and its clients with new alternatives capabilities.
 
In connection with the closing, SSGA received client consents to transition the management of approximately 99 per cent of GEAM’s assets under management (more than USD100 billion as of 31 March 2016) and approximately 270 former GEAM employees joined the SSGA team.
 
“This transaction is a key step in our strategy to invest in higher growth and return businesses,” says Jay Hooley (pictured), chairman and chief executive officer of State Street Corporation. “It is also an important part of SSGA’s continued evolution as a premier provider of solutions to clients.”
 
“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,” says Ron O’Hanley, president and chief executive officer of SSGA. “In this lower-for-longer return environment, we think it is more important than ever for us to develop a broad investment toolkit and solutions mindset to help our clients achieve their investment goals.”

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