GE seeks sale of asset management arm

General Electric announced late last week it would seek to sell its asset management arm to an investment management firm, as the U.S. conglomerate continues to make moves to focus on its industrial products.

As of June 30, GE Asset Management held $115 billion in assets under management.  It manages the retirement plans for most of GE's 136,000 employees, as well as assets for outside institutional investors, including third-party retirement plans.

"As we continue to transform GE to focus on our industrial core, now is the right time to explore such a sale," GE CEO Jeff Immelt said in a statement.

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