Wednesday, April 06, 2011
GEAM Names a New Chief
News summary by MFWire's editors
GE Asset Management [see profile]
has named Dmitri Stockton
as president and CEO of GE Asset Management Incorporated. He succeeds Jay Ireland
, who is assuming a newly-created position within GE as president and CEO for GE Africa.
Ireland recently oversaw GEAM's deal with Highland Capital, under which the latter adopted GE's retail mutual funds. GEAM continues as the funds' sub-adviser.
Prior to taking the top job at GEAM, Stockton was most recently president and CEO of GE Capital's Global Banking unit, with responsibility for leading GE’s global banking and consumer lending businesses and joint venture relationships in over 20 countries.
Dmitri Stockton Named President and CEO of GE Asset Management
April 5, 2011 9:00 AM ET
GE announced today that Dmitri Stockton has been named President and CEO of GE Asset Management Incorporated (GEAM), a global investment manager with $119 billion in assets under management (as of December 31, 2010). He succeeds Jay Ireland, who is assuming a newly-created position within GE as President and CEO for GE Africa.
A 24-year GE veteran, Stockton joins GEAM having most recently served as President and CEO of GE Capital’s Global Banking unit, with responsibility for leading GE’s global banking and consumer lending businesses and joint venture relationships in over 20 countries. This $5.5 billion revenue business consists of majority owned banks in Poland, Hungary and the Czech Republic, retail bank joint ventures in Asia and Latin America, as well as consumer finance platforms in Europe. Stockton is a Senior Vice President of GE Company and a member of GE's Corporate Executive Council and serves on the Board of the GE Foundation.
“With past leadership roles throughout GE in sales, real estate, bond financing, mortgage insurance and risk management, Dmitri brings a strong background in capital markets and financial services to his new role leading GE Asset Management,” said Keith Sherin, Vice Chairman and Chief Financial Officer of GE. “In addition, his global experience will be an asset to the firm’s efforts to expand its investment reach and presence around the world. Under Dmitri, GEAM will remain well positioned to continue to strive for the highest level of investment and service capabilities for its clients.”
“I am thrilled to be joining the excellent team at GE Asset Management,” added Stockton. “I look forward to helping the firm continue to build on its 80-year heritage of investment experience and share its strong value proposition with the marketplace.”
Stockton joined GE in 1987 on the Financial Management Program. He then entered GE Capital’s Commercial Real Estate division in 1991, where he held a series of sales roles, rising to the level of Managing Director leading the distressed debt acquisition and tax-exempt bond financing segments. In 1997, Stockton was named Senior Vice President and Chief Risk Officer for GE Mortgage Corporation where he led the risk management of a U.S. based mortgage servicing unit and the global mortgage insurance operation. He was appointed Senior Vice President of Marketing and Business Development for GE Mortgage Insurance in 1999 and a Vice President of GE Capital in that same year. In 2001, Stockton was appointed Chief Executive Officer for GE Capital Bank in Switzerland. From 2005 to 2008, he was President and CEO of GE Money’s Central and Eastern European Banking Group. He was promoted to be a Vice President of GE Company in 2005. Stockton holds a Bachelors of Science degree in Accounting from North Carolina A&T State University, graduating in 1986. He serves on the board of Bank BPH in Poland, and is a former board member of BAC Credomatic Bank in Central America and Garanti Bank in Turkey. He is also a member of the Executive Leadership Council and the Executive Advisory Board at North Carolina A&T State University School of Business and Economics.
About GE Asset Management Incorporated
GEAM is a global asset manager wholly owned by GE, an advanced technology, services and finance company taking on the world’s toughest challenges. Built on an 80-year heritage of investment experience, GEAM, along with its subsidiaries, today manages approximately $119 billion (as of December 31, 2010) in total assets. Portfolios managed by GEAM and its subsidiaries include client assets for leading institutions and individual investors around the world, and the $45 billion GE U.S. Pension Trust. Investment strategies are offered across all major asset classes, including U.S. and non-U.S. equities, fixed income, and alternative assets.
Securities offered through GE Investment Distributors, Inc., a registered broker-dealer (Member FINRA & SIPC), a wholly-owned subsidiary of GE Asset Management Incorporated.
GE GE is an advanced technology, services and finance company taking on the world’s toughest challenges. Dedicated to innovation in energy, health, transportation and infrastructure, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company’s Web site at www.ge.com.
GE Asset Management
Chris Linehan, 203-708-3193
Copyright 2011 Business Wire
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