Hartford Parts Ways With Mutual Funds to Strengthen Insurance Focus

The Hartford is shedding its mutual fund division for about $1. 9 billion, a move that will let the company zero in on its core insurance and employee‑benefit offerings. The transaction, slated to finish early next year, will transfer Hartford Funds’ $160 billion in assets and its 400‑person team to Wellington Management. Under the deal, Hartford Funds will become part of Wellington’s U. S. wealth team and rebrand accordingly.Wellington has long handled most advisory duties for Hartford Funds, so the transition feels like a natural step. Hartford will receive an initial $300 million payment and further sums spread over seven years, giving shareholders immediate value while preserving a link to future growth. Both parties argue the arrangement positions Hartford Funds for greater success under Wellington’s guidance, while allowing The Hartford to sharpen its focus on insurance products.