General Electric (GE) is looking to sell its $115 billion asset management arm.
GE announced Thursday that it will explore opportunities to sell GE Asset Management (GEAM) to another leading investment management firm.
It is seeking buyers experienced in managing retirement plan assets, with the scale and broad distribution capabilities to support the continued growth of GEAM’s third-party client base.
“GE Asset Management has world-class investment capabilities and an experienced, talented team that has done a terrific job managing assets for benefit plans serving GE employees and retirees, as well as other investors,” said GE Chairman and CEO Jeff Immelt in a release.
Immelt said there has already been “significant interest” from investment firms in acquiring GEAM.
“As we continue to transform GE to focus on our industrial core, now is the right time to explore such a sale,” he said.
GE announced in April that it would move away from financial services to refocus on its manufacturing and industrial core. This plan has already begun to come to fruition with the sale of GE Capital’s private-equity lender Antares Capital in June.
Proceeds from the sale of GEAM will go to the pension trust, increasing trust assets used to pay GE pension plan benefits. GE will remain plan sponsor and fiduciary for benefit plans managed by the asset management arm following the sale.
Related: Pension Giant Buys GE Unit