State Street Corporation has completed its acquisition of GE Asset Management (GEAM) from GE (NYSE: GE). The transaction provides multiple benefits to State Street Global Advisors (SSGA) and its clients, including the addition of new alternatives capabilities, strengthening fundamental equity and active fixed income teams, and establishing SSGA as a leading provider of outsourced chief investment officer (OCIO) services.

In connection with the closing, SSGA received client consents to transition the management of approximately 99% of GEAM’s assets under management (more than $100 billion as of March 31, 2016) and approximately 270 former GEAM employees joined the SSGA team.

“This transaction is a key step in our strategy to invest in higher growth and return businesses,” said Jay Hooley, chairman and chief executive officer of State Street Corporation. “It is also an important part of SSGA’s continued evolution as a premier provider of solutions to clients.”

“GEAM’s asset management capabilities—in areas spanning active management, alternatives and OCIO mandates—are not only complementary to our own, but will also strengthen the range of SSGA’s offerings in the marketplace,” said Ron O’Hanley, president and chief executive officer of SSGA. “In this lower-for-longer return environment, we think it is more important than ever for us to develop a broad investment toolkit and solutions mindset to help our clients achieve their investment goals.”