GE has appointed Dmitri Stockton as president and chief executive of its asset management business, succeeding Jay Ireland, who takes over the newly-created role of president and CEO of GE Africa.

A 24-year veteran of GE, Stockton latterly headed up GE Capital’s global banking unit. In this role he oversaw the firm’s global banking and consumer lending businesses as well as joint venture relationships in around 20 countries. His experience covers such diverse regions as Europe, Asia and Latin America.

His international background was a factor in his appointment, as the firm is planning to extend its investment presence globally, according to Keith Sherin, vice chairman and chief financial officer of GE.

GE Asset Management, which is wholly-owned by New York-listed GE, along with its subsidiaries, managed around $119 billion in assets as at 31 December 2010, for both institutions and individual investors.