MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, May 23, 2012 Davey Boosts a Key Channel for the Hartford Expect the Hartford's [profile] mutual fund business to continue to grow in the defined contribution investment-only channel, says the Hartford's Joe Eck. The vice president of institutional sales for the Hartford's mutual fund shop told MFWire yesterday that president and CEO Jim Davey is looking to build his mutual fund business. To that effect, he will be making "significant investments in people, technology, and product development" and is adding nine new positions to the division. Three new directors of sales, including one promotion, have already joined the external sales team for Eck's DC-IO unit. With the addition of a fourth sales director for the Midwest, who will be hired in the next three or four weeks, the Hartford's external sales force will grow to 12. Meanwhile, the five other new positions include one internal salesperson covering the $50 million and below market, one technology-buildout professional, and several sales support individuals. The Hartford now has an internal sales staff of two. "We think [mutual funds are] a wonderful market and a great market segment," Eck said. "We think we have all the right things. We have the right products and a great brand and the people to provide great service to plan sponsors." The four new sales directors will be selling equity, fixed-income and asset-allocation strategies offered by Wellington Management, which handles all sub-advisory work for the Hartford's 77 funds [read more about the Wellington partnership here]. New director of sales Mike Deferro, formerly of Lord Abbett, has been handling the Western territory since March, while Greg Seaver, who joined the Hartford in January from ING, currently oversees the Eastern region, which covers New England, Pennsylvania and Washington. Mark Drake, former chief of staff for the mutual fund business and who worked with Davey, has been directing sales in the South, also since January. Eck is deliberating between "a few finalists" for the fourth addition to the external sales team. When hired, this individual will cover 13 states in the Midwest territory and will likely be based in Chicago. Eck said he has no plans to hire additional staff for the rest of this year. "But you never know!" he added. Printed from: MFWire.com/story.asp?s=40099 Copyright 2012, InvestmentWires, Inc. All Rights Reserved |