The Hartford will hire up to 50 in its mutual fund sales distribution unit, in a push to beef up this division.
In conjunction with this, The Hartford is making Wellington Management the sole sub-advisor to all of its 77 equity and fixed-income funds, which have a total of $100 billion of assets under management. Wellington currently is sub-advisor to 45 funds.
Meanwhile, The Hartford’s in-house sub-advisor, Hartford Investment Management Co., will concentrate on institutional funds.
“The Hartford is accelerating its growth plans for the mutual funds business,” said Chairman, President and CEO Liam E. McGee. “Mutual funds is a high-growth, high-ROE business. Aligning more closely with a well-respected advisor like Wellington be designating them as our preferred sub-advisor is an important step toward our longer-term goal to create shareholder value.”
The Hartford formed its mutual fund division in 1996.
Lee Barney writes for Money Management Executive.