In an effort to expand its alternative assets outfit, investment bank State Street just cut a deal to buy General Electric’s asset management unit for $485M in cash.

Head of State Street’s asset management unit Ron O'Hanley says the deal will “bring new alternatives capabilities in direct private equity and real estate.”

The purchase will add around $100B in assets overseen for more than 100 institutional clients, the companies said in a statement, including retirement plan sponsors, "foundations, endowments, sovereign wealth funds and insurance companies."

A former Fidelity Investments exec, O'Hanley took over State Street’s $2.25T money management unit last year, part of State Street's strategy to combat recent years' market share erosion caused by rival players like BlackRock and Vanguard.

According to the statement, the deal includes management GE’s pension plan. This fits in with GE’s larger plan of narrowing its focus on industrial operations and unloading the bulk of its banking unit after it imperiled the company during the financial crisis.