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GE looks to sell asset management arm
General Electric is looking at a potential sale of its asset management arm, reports the Wall Street Journal.
GE has expressed interest in cutting extraneous units to focus on its core industrial businesses. The asset management arm has $115 billion in assets from GE's U.S. benefits plans, as well as third party institutional investors. Proceeds of a potential sale will go to GE Pension Trust. GE Asset Management would still remain plan sponsor and fiduciary for the company's plan benefits following a sale.
GE Asset Management is separate from the financial services unit GE Capital, but GE is moving to shrink that business as well.
Photo: Diana Parkhouse