is likely to win the rose from GE's Jeffrey Immelt and beat out a list of suitors that included Goldman Sachs
. Reuters is reporting
that GE's top brass may work out final details of the sale of GE Asset Management (GEAM
)to State Street by the end of the month.
| Joseph Hooley|
State Street Corporation
Chief Executive Officer
reporter Mike Stone cited people "familiar with the matter" as sources for the story. Stone reported that the deal could price at as much as $500 million and that it is in the "final stages" of negotiations.
The sale would cover $115 billion of AUM, primarily comprised of GE's pension program and assets managed for third party retirement plans. The GE plan covers 130,000 employees. State Street would also likely pick up GEAM's 130 investment professionals led by CIO David Wiederecht
. All counted GEAM has roughly 300 workers.
According to the report, Goldman Sachs was among the asset managers bidding on the business.
An earlier report in Pensions & Investments
named both Goldman Sachs and State Street as suitors, as well as: Ameriprise Financial Inc.
, Invesco Ltd.
, Franklin Templeton
and BlackRock Inc.
That report also named $500 million as a likely price on the deal.
| Jeffrey R. Immelt|
Chairman, Chief Executive Officer
GEAM does offer three mutual funds to institutional investors under the leadership of Maureen Mitchell, president -- Global Sales & Marketing.
Sean Hanna, Editor in Chief
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