GE Asset Management Closes Seven Funds

June 6, 2003 ( - General Electric Company's money management unit is shuttering seven underperforming mutual funds.

GE Asset Management plans to liquidate four stock portfolios for individuals and three more for institutions, which total $72 million in assets, spokesman Tim Benedict told . The company also announced that its chief investment officer for US stocks is retiring in September.

GE Funds’ board of trustees has approved a plan to shutter three institutional funds:

  • GE Institutional Premier Research Equity Fund
  • GE Institutional Premier International Equity Fund
  • GE Institutional Europe Equity Fund.

Also being closed are four retail funds:

  • GE Mid-Cap Growth Fund
  • GE Mid-Cap Value Equity Fund
  • GE Premier Research Equity Fund
  • GE Premier International Equity Fund.

“We’re still very committed to the funds business,” Benedict said. “But with these particular funds, we haven’t seen sufficient investor interest. They haven’t been growing. So we decided to terminate them.”

The company also said that Eugene Bolton, CIO for US equity investments, would hand the reins to David Carlson, starting in September. Bolton’s departure ends his 39-year career with the company. The unit invests about $2.2 billion in mutual fund assets for individual investors and roughly $172 billion overall.