Private equity firm Clayton Dubilier & Rice is one of the firms interested in buying Hartford Financial Services Group Inc.’s mutual fund business, Reuters reports, citing a source familiar with the situation.
The business, which has $104 billion in assets under management, may fetch $1.5 billion, but a sale is weeks away, according to Bloomberg, which first reported the news.
Hartford and CD&R declined to comment.
The Hartford, one of the oldest U.S. companies, has been selling businesses it sees as no longer core to operations.
Last month, it said it would sell a small Florida bank that it bought in 2008 to become eligible for U.S. government bailout funds at the height of the financial crisis.
In October, Hartford agreed to sell its Canadian mutual fund business to CI Financial.
CD&R, founded in 1978, has investments spanning several industries, with enterprise values ranging from $1 billion to $15 billion.
