An important part of its continued solution-evolution
July 05, 2016 — 7:15am (EST) — BOSTON–(BUSINESS WIRE)–State Street Corporation (NYSE: STT), announced today that it has completed its acquisition of GE Asset Management (GEAM) from GE (NYSE: GE).
The transaction provides multiple benefits to State Street Global Advisors (SSGA) and its clients, including the addition of new alternatives capabilities, strengthening fundamental equity and active fixed income teams, and establishing SSGA as a leading provider of outsourced chief investment officer (OCIO) services.
In connection with the closing, SSGA received client consents to transition the management of approximately 99% of GEAM’s assets under management (more than $100 billion as of March 31, 2016) and approximately 270 former GEAM employees joined the SSGA team.
Higher growth and return business
“This transaction is a key step in our strategy to invest in higher growth and return businesses,” said Jay Hooley, 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,” said 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.”
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world’s leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $27 trillion in assets under custody and administration and $2 trillion* in assets under management as of March 31, 2016, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia. For more information, visit State Street’s website at www.statestreet.com.
* Assets under management include approximately $33 billion as of March 31, 2016, for which State Street Global Markets, LLC, an affiliate of SSGA, serves as the distribution agent.
About State Street Global Advisors
For nearly four decades, State Street Global Advisors has been committed to helping our clients, and those who rely on them, achieve financial security. We partner with many of the world’s largest, most sophisticated investors and financial intermediaries to help them reach their goals through a rigorous, research-driven investment process spanning both indexing and active disciplines. With trillions in assets, our scale and global reach offer clients access to markets, geographies and asset classes, and allow us to deliver thoughtful insights and innovative solutions.
State Street Global Advisors is the investment management arm of State Street Corporation.