Hartford Mutual Funds reduced expense ratios on 36 mutual funds. Hartford implemented the fee cuts on July 1.
Company Press Release
Simsbury, Conn., July 14, 2010 – The Hartford Mutual Funds announces
permanent mutual fund expense reductions effective July 1, 2010. The
changes impact 36 funds covering institutional and retirement share classes
as well as the retail share classes of six funds.
Net operating expenses have been decreased up to 30 basis points for
institutional, retirement and retail share classes, of the following funds:
The Hartford Diversified International Fund br/>
The Hartford Fundamental Growth Fund
The Hartford Global Research Fund
The Hartford International Growth Fund
The Hartford International Opportunities Fund
The Hartford Value Fund5 (Includes an additional temporary management fee
waiver of five basis points for one year, ending June 30, 2011.)
"We're seeing high demand for these products and we want to keep that momentum going," says Keith Sloane, senior vice president of The Hartford Mutual Funds. "Strong-performing funds like Value, Fundamental Growth and International Opportunities were specifically targeted for significant expense reductions to be more competitive in their Morningstar categories."
Additionally, net operating expenses have been decreased up to 15 basis points for the institutional and retirement share classes of 30 other Hartford Mutual Funds.
"We want to expand our institutional market share and the expense reductions enhance our offerings for investment consultants and financial advisors," says Joseph Eck, vice president of The Hartford's investment-only business.
"The trend that started in large retirement plans is now spreading down market. Advisors moving to an RIA model also want lower expenses and fee transparency for small- and mid-size retirement plans. The changes will sharpen our competitive advantage over products like collective trust funds, and help The Hartford be more competitive when selling to retirement plan sponsors and recordkeepers, defined benefit plans, endowments and foundations, bank trusts and for existing 401(k), 457 and 403(b) programs that already offer these funds as investment options," adds Eck.
The Hartford Mutual Funds investment-only business permits institutional investors and retirement plan sponsors choose from a broad range of more than 50 mutual funds spread across all investment styles, according to Eck. The funds are offered as Class R Shares (R3, R4 and R5) and Class Y Shares.
New expense tables are shown in the updated Summary Prospectus and supplements, which are available online at www.hartfordmutualfunds.com/prospectuses.
About The Hartford Mutual Funds
The Hartford Mutual Funds, established in 1996, offers a wide array of both broad-mandate and style-focused equity and fixed-income investment options. The Hartford Mutual Funds draw on the investment strength, experience and expertise of sub-advisers Wellington Management and Hartford Investment Management. These two organizations bring their decades of market experience, in-house investment capabilities, rigorous research and time-tested investment process to bear in managing the funds to help The Hartford Mutual Fund investors meet their long-term financial goals. Mutual Fund assets under management were $95.8 billion as of March 31, 2010. For more information on The Hartford Mutual Funds, including current holdings, visit www.hartfordmutualfunds.com.