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, November 4, 2011 Hartford Suffers Fund Outflows 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. Printed from: MFWire.com/story.asp?s=38245 Copyright 2011, InvestmentWires, Inc. All Rights Reserved |