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General Electric mulls sale of GE Asset Management

GE considering sale of its Asset Management division to investment management firm

General Electric mulls sale of GE Asset Management

FAIRFIELD, Conn. (AP) -- General Electric is considering a sale of its asset management division to an investment management firm.

General Electric has been making a push to focus on industrial businesses -- making large, complicated equipment for other companies -- and shrinking its other businesses. It said in August it would sell its health care lending unit and related loans to Capital One for $9 billion.

The company said it is seeking buyers for GE Asset Management that have experience managing retirement plan assets.

GE Asset Management had $115 billion in assets under management as of June 30, 2015.

The Fairfield, Connecticut-based company said there won't be any change to pension benefits received by GE pension plan participants as a result of any deal.

GE shares rose 9 cents to $24.64 in afternoon trading Thursday. Its shares have fallen about 3 percent so far this year.

Updated : 2021-09-24 04:16 GMT+08:00