The market woes of the third quarter did not leave the Hartford's [see profile]
mutual fund business unscathed. The Hartford-based insurer revealed
in its Q3 earnings report that its wealth management arm suffered a seven percent year-over-year dip in assets under management, thanks in part to "net outflows in mutual funds" [see earnings call transcript
, Business Insurance
, Daily Markets
, Insurance Business Review
and Insurance Journal
all reported on the Hartford's earnings.
"Even with the tougher environment, mutual fund sales were up 46 percent," said Liam McGee
, president, chairman and CEO, on the earnings call. "Mutual funds will continue to be an important part of the Hartford."
The Hartford expects to finish the year with between $15 billion and $17 billion in gross mutual fund deposits, translating to between $3 billion and $5 billion in net outflows.
Neil Anderson, Managing Editor
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