Wellington to Bring Hartford Funds Under Its Brand in $1.9B Landmark Transaction
Wellington Management has agreed to acquire Hartford Funds from The Hartford in a transaction valued at approximately $1.9 billion, bringing together one of the world’s largest institutional asset managers with a leading wealth management distribution platform.
The Hartford will receive $300 million in cash at closing and additional payments tied to the after-tax cash generated by the combined Hartford Funds business and Wellington’s existing support operations for Hartford Funds over the seven years following the transaction’s completion.
The deal deepens a relationship that dates back nearly five decades. Wellington and Hartford Funds first partnered in 1978 and formally expanded their collaboration in 1984 through a sub-advisory arrangement supporting Hartford mutual funds. Over time, the relationship broadened to include exchange-traded funds and additional investment strategies.
Today, Wellington sub-advises approximately 83% of Hartford Funds’ $160 billion in assets under management and supports the business through a client-facing team of more than 160 professionals.
“For more than 40 years, Wellington and Hartford Funds have partnered together in support of advisors and investors, and I’m excited about what this combination means for the future of both organizations,” said Jean Hynes, chief executive officer and managing partner of Wellington Management.
The acquisition is expected to strengthen Wellington’s position in the U.S. wealth management market by pairing its institutional investment expertise with Hartford Funds’ established advisor relationships and distribution network.
“This transaction allows us to realize immediate and continued value for The Hartford’s shareholders and positions Hartford Funds’ exceptional people for ongoing success,” said Christopher Swift, chairman and CEO of The Hartford. “This combination creates the ideal long-term home for Hartford Funds.”
Following the close of the transaction, expected in the first quarter of 2027, the business will operate under the Wellington brand.
J.P. Morgan Securities LLC is acting as financial advisor to Wellington, with Paul, Weiss, Rifkind, Wharton & Garrison LLP acting as the company’s legal advisor. Goldman Sachs & Co. LLC is acting as financial advisor to The Hartford, with Weil, Gotshal & Manges LLP as the company’s legal advisor.