Hartford's
Phoenix Investment Partners (PIP) is planning an aggressive expansion of its high-net-worth business and will concentrate its focus on financial advisors who distribute products to the $425 billion managed accounts business.
Its Retail Division has also been re-named the Private Client Group.
PIP's managed account business over the last three years, when it started a focused initiative on the high-net-worth market, has more than doubled, while the market as a whole has seen an annualized growth rate of 46% in the same period.
To assist in its ramp-up of high-net-worth business, PIP will increase its external wholesaler staff from 27 to 40 around the US, while the same increase will take place for its internal wholesaler staff in Hartford and New York.
In addition, a search is underway for a national sales manager, a wirehouse accounts manager, and a sales desk manager, as well as five marketing/support people to assist the new staff.
"Mutual funds, of course, have been and will continue to be the entryway to the stock market for millions of Americans. But, Phoenix sees a growing number of investors, flush with the continued bull market, ready to graduate to separately managed accounts. For high-net-worth investors, these accounts offer some big advantages over mutual funds, including access to top-tier managers, customized investing, and greater tax efficiency," said
Jack Sharry, president of the Private Client Group.
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