GE Unit Buys Centurion

GE Financial Assurance, a unit of General Electric Co., said it acquired Centurion Capital Group Inc. of Sherman Oaks for an undisclosed sum.

Centurion, launched in 1985, has $1.9 billion in assets under management. Centurion develops and monitors asset-management accounts for independent fee-based financial advisors nationwide.

GE Financial Assurance is the investment arm of GE Capital, General Electric’s largest division.

GE Financial said the deal will help it boost sales of mutual funds and separate investment accounts to wealthy investors. Centurion Chairman Robert Doede will retain his position and the Centurion name won’t be changed, at least initially, a GE spokesman said.

Whitney Dow, analyst at Boston-based Financial Research Corp., estimated GE is paying about $75 million for Centurion. GE declined to comment on the price.