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Friday, November 04, 2011

Hartford Suffers Fund Outflows

News summary by MFWire's editors

The market woes of the third quarter did not leave the Hartford's [see profile] mutual fund business unscathed. The Hartford-based insurer revealed in its Q3 earnings report that its wealth management arm suffered a seven percent year-over-year dip in assets under management, thanks in part to "net outflows in mutual funds" [see earnings call transcript]

Bloomberg Businessweek, Business Insurance, Daily Markets, Insurance Business Review and Insurance Journal all reported on the Hartford's earnings.

"Even with the tougher environment, mutual fund sales were up 46 percent," said Liam McGee, president, chairman and CEO, on the earnings call. "Mutual funds will continue to be an important part of the Hartford." The Hartford expects to finish the year with between $15 billion and $17 billion in gross mutual fund deposits, translating to between $3 billion and $5 billion in net outflows. 

Edited by: Neil Anderson, Managing Editor


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