The Hartford Reorganizes Mutual Funds Business As Part Of Transformation

As a small maneuver in a major transformation at The Hartford, the property-casualty insurer is reorganizing its Mutual Funds business.

Some support services for the Mutual Funds unit will be moved from Hartford Life and Accident Insurance Co. to Hartford Life Inc., according to a company filing Monday with the U.S. Securities & Exchange Commission.

The Hartford is selling off parts of its Wealth Management business as management restructures the business. Other parts, such as annuities, are in runoff, meaning they will be discontinued.

Mutual Funds is one of the businesses that The Hartford Financial Services Group is continuing, along with Group Benefits and Property Casualty.

On March 21, The Hartford announced plans to break up the company: putting annuities in runoff, selling life and retirement units, and focusing on property-casualty, group benefits and mutual funds.