Hartford (HIG) Could Fetch $1.5B+ for Mutual Fund Unit
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Hartford Financial Services Group Inc. (NYSE: HIG) may be seeking buyers for its mutual fund unit, which could go for $1.5 billion or more.
According to Bloomberg, Hartford has contacted companies "with rival asset- management operations as well as private-equity investors." Bloomberg cited people familiar with the information.
Hartford's mutual-fund business had $104 billion in assets at the end of the first quarter, according to a regulatory filing. The unit had net income of $132 million in 2010.
CEO Liam McGee, who took the reins in 2009, combined Hartford's mutual fund, life insurance, annuity, and retirement plan businesses under its Wealth Management division.
Selling of assets is nothing new for Hartford; the financial firm bolstered profits last year with the sale of its Canadian mutual fund business and third-party claims administration business.
Hartford shares are trading just about flat this morning.
According to Bloomberg, Hartford has contacted companies "with rival asset- management operations as well as private-equity investors." Bloomberg cited people familiar with the information.
Hartford's mutual-fund business had $104 billion in assets at the end of the first quarter, according to a regulatory filing. The unit had net income of $132 million in 2010.
CEO Liam McGee, who took the reins in 2009, combined Hartford's mutual fund, life insurance, annuity, and retirement plan businesses under its Wealth Management division.
Selling of assets is nothing new for Hartford; the financial firm bolstered profits last year with the sale of its Canadian mutual fund business and third-party claims administration business.
Hartford shares are trading just about flat this morning.
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