artford Life, a unit of Hartford Insurance
, has launched a new 401(k) program for the 50 to 500-life market.
It is centered around its own mutual fund family Hartford Mutual Funds.
The new program will only offer Hartford Life's proprietary funds. The fund program will be available through Hartford's bundled 401(k) service as well as in conjunction with regional third-party administrators that have relationships with the firm. Prior to this move, Hartford's 401(k) products offered only outside funds.
"We are looking to broaden our market, and our new mutual funds are a perfect fit for our 401(k) product. They are core offerings and conservative. There are no niche funds. Our distribution has been in place, and now we have the funds to take advantage of that," a spokesperson with the firm told the 401kWire.com.
Hartford Funds have been in existence for a little over three years. They are sub-advised by Wellington Management
, while the fixed income funds are sub-advised by Hartford Investment Management Company (HIMCO). Funds include: a growth and income fund (HAIAX
), an international opportunities fund (IHOAX
), and a midcap fund (HFMCX
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