State Street to acquire GEAM
State Street Corporation has agreed to acquire GE Asset Management (GEAM) from GE to add new alternative capabilities to State Street Global Advisors (SSGA).
The acquisition is expected to increase SSGA's assets under management by $100 billion upon closing, and strengthen existing fundamental equity and active fixed income teams.
SSGA president and chief executive, Ron O'Hanley, said "GEAM will bring new alternatives capabilities in direct private equity and real estate to SSGA while enhancing our existing active fundamental equity, active fixed income and hedge fund teams".
"As defined benefit plans — both private and public — undergo change, GEAM's skills coupled with SSGA's existing capabilities will position us well to provide effective solutions and outcomes to these investors," he said.
"In addition, GEAM's outsourced chief investment officer (OCIO) and insurance platforms significantly strengthen our capabilities in these fast growing areas."
Under the agreement State Street will acquire GEAM in a cash transaction with a total purchase price of up to $485 million, and pending regulatory approvals the transaction is expected to be finalised early in the third quarter of 2016.
Recommended for you
Apostle Funds Management has appointed the newly created position of director, head of wholesale as the firm expands its Australian footprint in the wholesale sector.
Recruitment manager Robert Half has shared the most in-demand roles in financial services that firms are finding difficult to fill, driven by ASIC’s growing focus on risk and compliance.
ASIC chief executive, Warren Day, is among senior executives to depart the corporate regulator amid changes to its leadership team.
Iress has completed the sale of its platform business, bringing $4.1 billion in funds under administration over to Praemium.
