Wellington Management has agreed to acquire Hartford Funds, a provider of investment services for financial advisors and wealth managers.
The transaction, which has an estimated net present value of $1.9 billion, will see Hartford Funds integrated into Wellington’s U.S. Wealth business and operate under the Wellington brand following closing. Hartford Funds is a U.S.-focused asset management business serving the intermediary and wealth management market. The firm oversees approximately $160 billion in assets and maintains long-standing relationships with financial advisors across the country through a client-facing team of more than 160 professionals. Wellington currently sub-advises approximately 83 percent of Hartford Funds’ assets, reflecting the deep operational ties between the two organizations. The platform offers a range of investment products, including mutual funds, ETFs, and other investment strategies designed for individual investors and advisors.
JPMorgan Securities is serving as financial advisor to Wellington, with Paul, Weiss, Rifkind, Wharton & Garrison acting as legal counsel. Goldman Sachs is advising The Hartford financially, while Weil, Gotshal & Manges is serving as its legal advisor.