GEAMGeneral Electric Asset Management
GEAMGeneral Electric Aviation Materials
GEAMGeneric Engineering Analysis Model
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The company's AUM growth was driven by previously noted market appreciation and the GEAM business, partially offset by $25 billion of outflows experienced during the quarter.
The sale, part of GE's restructuring to focus on its industrial core, will bring GEAM's capabilities to State Street Global Advisors, augmenting and enhancing SSGA's investment capabilities in areas complementary to its existing capabilities, including active management, as well as in alternative assets and outsourced chief investment officer mandates.
As part of the transaction, SSGA received client consents to transition the management of nearly 99 percent of GEAM's assets under management (more than USD100bn as of March 31, 2016) and nearly 270 former GEAM employees became part of the SSGA team.
Previously at GEAM, Ross was co-portfolio manager with Koutsoftas of the GE Active Commodities strategy since inception.
As part of the deal, Apollo will also acquire all the shares in the joint ventures GE Toshiba Silicones and GE Bayer Silicones which, together with GE Advanced Materials, form GEAM.
GE earns millions of dollars from managing this pension plan through General Electric Asset Management (GEAM).
State Street Corporation (NYSE: STT) has said that it has agreed to acquire GE Asset Management (GEAM), an asset manager, from GE (NYSE: GE).