State Street has agreed to buy General Electric's asset management unit for as much as $485 million.

The all-cash deal is subject to adjustments and requires regulatory approval, State Street said in a news release Wednesday. It is expected to close in the third quarter.

State Street, of Boston, estimates that the acquisition would be accretive to operating earnings for the first 12-month period after it closes. It is expected to generate between $270 million and $300 million of additional fee revenue for State Street in its first year, while running up merger costs of between $70 million and $80 million through 2018.

GE Asset Management, in Stamford, Conn., has about $110 billion in assets under management. Its clients include institutional investors such as private and public pension funds, foundations, endowments, sovereign wealth funds and insurance companies.

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