Bloomberg News reports that the purchase of GE Asset Management will add about $100bn in assets overseen for institutional clients, including retirement plan sponsors, foundations, endowments, sovereign wealth funds and insurers, according to a statement today from State Street.
The deal “will bring new alternatives capabilities in direct private equity and real estate,” Ron O’Hanley, who heads State Street’s asset management unit, said in the statement.
O’Hanley, a former executive at Fidelity Investments who pushed that firm into new areas, took over State Street’s $2.25tril money management unit last year. Once the top provider of exchange-traded funds, State Street lost ground in recent years to BlackRock and Vanguard Group, which have attracted more client money with new offerings and low fees.
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