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Wednesday, August 25, 2010

Hartford Restructures its Sales Force

News summary by MFWire's editors

More details have emerged regarding the reorganization at the Hartford [see profile]. The Connecticut-based insurer has pulled the plug on Hartford Life Distributors (HLD) less than year after its formation, company spokesman David Potter confirmed to The MFWire.com. Kevin O'Connor, who ran HLD, is no longer with the company.

The news was first reported by InvestmentNews.

Hartford created HLD last September as the distribution organization for its retirement and investment products, including mutual funds.

Now, each of the four business lines within Hartford's wealth management division has its own sales organization, according to Potter. The four business lines are mutual funds, retirement plans, global annuities and individual life.

There are a total of 425 wholesalers across the business segments, Potter said.

Last week, wealth management chief David Levenson sent out a memo to employees announcing his four direct reports. Jim Davey, as reported by The MFWire.com on Monday, was appointed head of the mutual fund business.

In April, Hartford Financial Services officials outlined a new organizational structure at an investor meeting. Top executives at the insurer said they will focus on three business areas: wealth management, commerical markets and consumer markets. 

Edited by: Armie Margaret Lee

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