GE considering sale of its Asset Management division to investment management firm

Industrials Associated Press

General Electric is considering a sale of its asset management division to an investment management firm.

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General Electric has been making a push to focus on industrial businesses — making large, complicated equipment for other companies — and shrinking its other businesses. It said in August it would sell its health care lending unit and related loans to Capital One for $9 billion.

The company said it is seeking buyers for GE Asset Management that have experience managing retirement plan assets.

GE Asset Management had $115 billion in assets under management as of June 30, 2015.

The Fairfield, Connecticut-based company said there won't be any change to pension benefits received by GE pension plan participants as a result of any deal.

GE shares rose 9 cents to $24.64 in afternoon trading Thursday. Its shares have fallen about 3 percent so far this year.