Hartford Life has created a new company,
Hartford Investments Canada, to introduce seven new mutual funds known as
The Hartford Canada Funds. Toronto-based Hartford Investments Canada is the manager and principal advisor for the funds and has retained
Wellington Management and the Hartford Investment Management Company as sub-advisors.
The Hartford Canada Funds are available by prospectus through registered dealers in Ontario, British Columbia, Alberta, Saskatchewan and Manitoba.
Subject to regulatory approval,
Hartford Life Insurance, Canadian Branch, another subsidiary of Hartford Life, plans to introduce segregated funds in Canada later this year. The segregated funds will invest in The Hartford Canada Funds.
"We believe the Canadian market, with its robust economy and maturing population, offers extraordinary marketing opportunities for investment products, particularly mutual funds and segregated funds," said
Joseph Noto, director and chief executive officer of Hartford Investments Canada.
"Hartford Life is well on the way to building its Canadian distribution infrastructure, which has been a big key to our success marketing investment products in the US," Noto said. "We see our new Canadian operation as a logical extension of our US investment product-related businesses."
Boston, Mass.-based Wellington Management will serve as the sub-advisor for the equity mutual funds within The Hartford Canada Funds. Wellington Management is an independent investment management firm with 70 years of experience and $248 billion in assets under management as of March 31, 1999.
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