(Bloomberg) — General Electric Co. is trying to sell the asset management arm that oversees the company's pension plan as it continues to cut back on non-manufacturing operations.

GE wants "buyers that possess considerable experience managing retirement plan assets" as it looks to shed GE Asset Management, according to a statement Thursday. The unit has $115 billion under management, including the company's own plans and portfolios of clients around the globe, GE said.

GE Asset Management, separate from the GE Capital lending arm, is being hived off as Chief Executive Officer Jeffrey Immelt narrows his focus on industrial operations making products such as oilfield equipment and jet engines. GE is selling the bulk of the banking unit, which imperiled the company during the financial crisis.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.