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 |
|
Friday, April 29, 2005 Hartford Sets Spitzer, SEC Reserve of $66 MM The Hartford's first quarter earnings included a hit of $66 million, which the company is reserving for New York Attorney General and the SEC's market timing allegations and the SEC's directed brokerage allegations. While neither regulator has come out with charges, The Hartford officials said that it believed "some action was likely to be taken at the end of the investigations" and that the $66 million was an estimate. "We are working to give regulators what they need to conclude their work so we can put these matters behind us," said Ramani Ayer, chairman and chief executive officer of The Hartford, in an earnings release. Total mutual fund assets, including 529, 401(k) an retail mutual funds, totaled $26.4 billion in the first quarter, a drop of one percent from the quarter ended December 31. Compared to the same period last year, fund assets were up 15 percent, financial supplement accompanying an earnings call. Retail mutual fund sales were $1.446 billion in the first quarter compared to $1.255 billion in the fourth quarter. The Hartford has been working to increase sales of its mutual funds through creating a fund-only salesforce. Printed from: MFWire.com/story.asp?s=9593 Copyright 2005, InvestmentWires, Inc. All Rights Reserved |