- General Electric's (GE -1.8%) asset management arm had $115B in AUM as of June 30, with much of that the retirement plans for the vast majority of the company's 13K U.S. employees.
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According to Reuters, State Street (NYSE:STT) has won the battle over a number of other bidders, including Goldman Sachs, and is now in final negotiations. An agreement with a sale price in the area of $500M could come as early as this month.
- Proceeds from the sale will go into beefing up GE's pension trust - underfunded by $15.8B as of the end of 2014.
- For State Street, it would be a nice pickup in AUM to help offset sizable fund outflows last year. The company had about $2T in AUM as of Dec. 31.