] is preparing to divest from much of its financial business, but its mutual fund and subadvisory businesses are staying put.
On Friday the Fairfield, Connecticut-based multinational unveiled plans
to sell "most of the assets of its wholly owned subsidiary, General Electric Capital Corporation ('GECC')." Yet a spokesman for GE clarifies that GE Asset Management is part of GE's corporate division
, not GE Capital, so GE Asset Management is not part of the deal and is staying with GE.
GE Asset Management has $116 billion
in assets under management, and as of June 30, 2015 it had $18.746 billion in non-money market mutual fund assets, according to Morningstar
. That includes the Elfun Funds
(available to GE employees), the GE RSP
funds (available through GE's own 401(k) plan), and the GE Institutional
funds (available to institutional investors).
Four years ago Highland adopted
GE's 16 retail mutual funds, which are largely subadvised by GE Asset Management. GE Asset Management also subadvises funds for OFI Asset Management (a French company that offers funds in Europe) and for variable annuity players like Genworth (which spun out of GE 11 years ago), Pacific Life, and Transamerica.
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