The Hartford Mutual Funds’ board of directors approved moving 11 fixed income funds to sub-advisor Wellington Management. The move is part of The Hartford’s previously announced strategy to accelerate growth in the mutual funds business. This includes expanding the relationship with Wellington Management to serve as the sole sub-advisor for all the funds, pending a fund-by-fund review by the board.
“Aligning more closely with a well-respected advisor like Wellington positions us well to drive significant growth and to continue delivering value to our mutual fund shareholders in all types of markets,” said James Davey, executive vice president of Mutual Funds for The Hartford.
The transferring funds are currently managed by Hartford Investment Management Company, which presently serves as sub-advisor for 31 of The Hartford Mutual Funds’ 77 funds.
In March, the board will reconvene to consider moving management of 17 additional funds to Wellington Management. The next fund-by-fund review includes The Hartford Floating Rate Fund and Floating Rate High Income Fund. HIMCO portfolio manager Michael Bacevich will join Wellington Management and continue as portfolio manager of both Floating Rate Funds pending board approval of moving fund management to Wellington Management.
Boston-based Wellington Management is a global top-25 manager in terms of assets. Wellington Management currently serves as the sub-advisor for 45 of The Hartford Mutual Funds and has been the primary manager for The Hartford’s equity funds.
The Hartford Mutual Funds was established in 1996 and now has nearly $100 billion in assets under management. It offers an array of broad mandate equity and fixed income investment options.