CI Financial has entered into an agreement to acquire The Hartford’s Canadian mutual fund business, Hartford Investments Canada Corp., which has C$1.75 billion in assets under management. Terms of the deal were not disclosed.
The Hartford’s Canadian fund business is comprised of 18 mutual funds. The deal is expected to close in December, boosting CI’s total retail assets under management to C$68.4 billion.
“Hartford Investments has been one of Canada’s fastest-growing mutual fund companies over the past five years, having developed a strong lineup of portfolio managers and excellent relationships with dealers and advisers,” said CI President and CEO Stephen A. MacPhail. “We are pleased to acquire Hartford’s high-quality suite of funds.”
CI plans to continue to grow organically and through acquisitions, MacPhail added.