A recent realignment of The Hartford Financial Services Group resulted in a new position for Jim Davey running the company’s mutual fund business.
Davey’s appointment is part of a new organizational setup, confirmed Timothy Benedict, spokesperson for The Hartford, in an email. Davey was head of the company's retirement division prior to the announcement of his new role in an internal memo last week.
After launching an initiative to revamp its wealth management business in April, Hartford Financial Services Group announced in June that John C. Walters, the president of wealth management, will leave the company at the end of July to “pursue other opportunities.” The Hartford, Conn. company reported that David N. Levenson replaced Walters as of July 1.
The company’s expansion of its wealth management group will improve cross-selling and increase assets under management by changing its dual-silo structure. The Hartford now acts as one company with three consumer divisions: commercial markets, consumer markets and wealth management. Wealth Management is comprised of many of the businesses formerly within Hartford Life - mutual funds, retirement plans, annuities, life insurance, institutional and international (where the company no longer writes new business). Group Benefits (group life & disability), which was formerly part of Hartford Life, becomes part of Commercial Markets.
The company also announced that Sharon Ritchey, director of operations, technology and eBusiness for the firm’s wealth management division, has been appointed to head up the retirement plans group. In addition, Rob Arena, director of annuities, mutual funds and 529 plans, will head up the company's global annuity business and Brian Murphy, executive vice president of individual life, will lead the individual-life business.