Hartford Financial Services Group Inc., eager to build its mutual-fund sales operations, says it will add as many as 50 more staff to its fund distribution operation.
The Hartford did not divulge Thursday in a press release where the existing distribution team is based, nor did it say where the new hires in coming months will be housed.
A spokesman said company officials were expected to shed more light during its “investor day” briefing with securities analysts Thursday in New York City.
The Hartford’s hiring disclosure was tucked into the release touting its expanded relationship with Boston mutual-fund advisor-promoter Wellington Management, which will serve as the insurer-wealth manager’s subadvisor for its equity and fixed-income funds.
Financial terms of the pact also weren’t disclosed.
The deepened tie with Wellington signals The Hartford’s refocusing the retail role of its inhouse subadvisor, Hartford Investment Management Co. (HIMCO), to concentrate on managing assets for institutional clients.
“The Hartford is accelerating its growth plans for the mutual funds business,” said Chairman, President and CEO Liam E. McGee said in the statement. “Mutual funds is a high growth, high (return on equity) business.”
Wellington currently is the subadvisor for 45 of The Hartford’s 77 mutual funds totaling about $100 billion, and is primary manager for its equity funds.
HIMCO currently is subadvisor for 31 funds managed by The Hartford Mutual Funds, as well as its parent’s general account investment portfolio and institutional third-party assets.
As of Sept. 30, HIMCO had $165 billion in assets under management: some $147 billion in fixed income; $6 billion in equity; and $12 billion in alternative assets.
