General Electric Co. plans to explore opportunities to sell its money management arm, GE Asset Management, to another investment management firm, spokesman Chris Linehan said Thursday.
Although Mr. Linehan declined to name a list of potential buyers or a possible price range, he said the buyer universe will include only investment management firms that possess considerable experience managing retirement plan assets, scale and broad distribution capabilities.
The buyer also will be responsible for managing GEAM's third-party client asset base, subject to client consent.
GEAM had $115 billion in assets under management as of June 30, of which $17 billion was third-party assets.
It is expected that the buyer will acquire both GEAM's assets and team, with the exception of a small number of GEAM employees who will remain with GE to provide investment oversight of the company's primary benefit plans.