Hartford hands over 11 more mutual funds to subadviser Wellington

By Toni Weeks

San Diego, Feb. 13 - The board of directors of Hartford Mutual Funds has approved the appointment of Boston-based Wellington Management Co. LLP as subadviser for another 11 of its fixed-income funds, according to a press release from Hartford Financial Services Group Inc.

The company said the move is part of its strategy to accelerate growth in its mutual fund business.

According to the release, Hartford plans to eventually name Wellington Management as the subadviser for all of the funds, pending a fund-by-fund review of each fund. Currently, Wellington is subadviser to 45 of the company's 77 mutual funds. Hartford Investment Management is subadviser to 31 of the funds, including the 11 that will be transferred to Wellington.

"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," executive vice president James Davey said in the release.

The board will reconvene in March to consider handing over another 17 funds to Wellington. The next review will include the Hartford Floating Rate Fund and the Floating Rate High Income Fund.

If the board approves the move of the two floating-rate funds to Wellington, portfolio manager Michael Bacevich will follow, joining Wellington in order to continue as portfolio manager for both funds.

Hartford Investment Management Co. is based in Hartford.

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