is buying into the ETF business, more specifically the strategic or "smart" beta ETF business.
| Jim Davey|
Yesterday, Davey unveiled
a definitive agreement for Radnor, Pennsylvania-based Hartford Funds
] to buy San Francisco-based Lattice Strategies
. The Pricing and terms of the deal were not disclosed, though Davey will keep Lattice's office and its team of more than 20 people on board. Hartford expects to close the deal in Q3.
and the WSJ
both reported on the deal.
"The strategic beta space is a natural extension of Hartford Funds' actively managed platform, enabling us to enter a fast-growing category that will serve as a foundation for growth in the future," states Davey, president of Hartford Funds.
Lattice has four ETFs and $215 million in AUM as of March 31. Hartford Funds, whose offerings are primarily subadvised by Wellington, has $73.6 billion in AUM as of March 31.
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