Expanding its relationship with Wellington Management, The Hartford is relocating the headquarters of its mutual funds business to Radnor, Pennsylvania, in a complex where Wellington also has an office. It also plans to hire as many as 50 new sales people to this office, adding to the already existing 100 person force nationwide, to support sales of its funds in the advisor-sold and defined contribution investment only (DCIO) channels.
"This move will allow us to focus our attention on the manufacturing, distribution and servicing of our funds in closer proximity to our sole sub-advisor," said Jim Davey, president The Hartford Mutual Funds. "We are determined to use the move to strengthen our investment culture and earn a place among the nation's top ten mutual fund complexes."
In the first phase of this process, senior executives— and more than 100 sales and marketing employees currently located in Wayne, Pennsylvania— recently moved to Radnor. In the second phase, the rest of the senior leadership team and approximately 25 additional employees in the Simsbury, Conn., office will begin relocating to Radnor. The transfer agency and other back-office operations will remain in Woodbury, Minn.
"The consolidation of the management of our sales and marketing activities, combined with our expanded relationship with Wellington, will transform our mutual funds business from a successful business into an exceptional business," Davey said.
In March, The Hartford announced that it was trimming its focus to a few core business areas: property and casualty, group benefits and mutual funds. This was largely due to pressure from hedge fund manager John Paulson, whose firm, Paulson & Co, owns 37.5 million Hartford shares, or 8.5% of the outstanding stock.