In a move that reflects its expanded relationship with Wellington Management, The Hartford is relocating the headquarters of its Mutual Funds business to a Radnor, Pa., complex where Wellington also has an office. The move follows The Hartford's recent announcement that Wellington will serve as the sole sub-advisor for all of its fixed-income and equity mutual funds, pending a fund-by-fund review by the Mutual Funds' board of directors.
"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 the process, senior executives and more than 100 sales and marketing employees currently located in Wayne, Pa., recently moved into the new building. 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.
Davey says The Hartford Mutual Funds currently has over 100 sales professionals nationwide and will hire as many as 50 employees this spring in the new Pennsylvania office to support sales of its funds in the advisor-sold and defined contribution investment only (DCIO) channels.
"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.
The Hartford Mutual Funds was established in 1996 and, as of December 31, 2011, had nearly U.S. $90 billion in assets under management. It offers an array of broad mandate equity and fixed income investment options. For more information, including current holdings, visit www.hartfordmutualfunds.com.
Boston-based Wellington Management Company, LLP is a global top-25 manager in terms of assets. It is a private Massachusetts limited liability partnership with 128 partners and approximately 500 investment professionals. Wellington has approximately U.S. $640 billion in assets under management in equity, fixed income and multi-strategy investment approaches. For more information on the company, visit www.wellington.com.