State Street GM’s largest stockholder, filing says
General Motors Corp.’s bankruptcy filing today listed State Street Bank & Trust as the company’s largest stockholder, with 17% of the stock.
General Motors Corp.’s bankruptcy filing today listed State Street Bank & Trust as the company’s largest stockholder, with 17% of the stock.
But a 13G filing with the SEC shows State Street sold 73% of the stock holding in April, leaving it with 4.4% of outstanding shares as of April 30.
State Street sold the shares of GM stock on behalf of GM’s salaried employees’ 401(k) plan and hourly employees’ 401(k) plan, said Arlene Roberts, State Street spokeswoman.
State Street Bank and Trust is investment manager and independent fiduciary of the company stock fund for both plans.
State Street held 99 million GM shares, amounting to 16% of the company stock, as of March 31, according to its 13F filing. But the April 30 13G filing showed that State Street held 26.6 million shares, or 4.4% of GM stock.
Ms. Roberts couldn’t confirm for whom State Street holds the remaining GM shares.
GM’s bankruptcy filing, in U.S. District Bankruptcy Court in New York, lists no other holder owning at least 5% of the company.
Promark Global Advisors Inc., GM’s investment management unit, is apparently part of the bankruptcy and assets that would be sold to the new GM formed by the Treasury Department. The bankruptcy filing makes no mention of Promark.
Promark managed $132.2 billion in assets for 30 employee benefit plans, foundations, insurance companies and other institutional clients as of Dec. 31. About $112 billion comes from GM-affiliated clients, including the GM U.S. hourly and salaried pension funds, which have a combined $84.5 billion. Promark’s other assets come from external clients not affiliated with GM. All of the assets are as of Dec. 31, according to Promark and GM.
GM spokeswoman Julie Gibson couldn’t be reached for comment.
GM is the smallest company in the S&P 500, with a market value of $547 million as of early today, according to David R. Guarino, manager of global index communications. Standard & Poor’s won’t comment about whether GM would be taken out of the index because of its bankruptcy filing, Mr. Guarino said. When changes occur, S&P makes the announcement at 5:15 p.m. EDT, he added.
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