is doing a second mutual fund deal, this time adopting 10 mutual funds with a combined $2.2 billion in AUM.
| Jim Davey|
Today Davey confirms
that Hartford Funds
] is adopting
10 of Schroders'
] 16 U.S. mutual funds. The funds will be rebranded as the Hartford Schroders Funds
, and Schroders will stay on as the funds' subadvisor.
The deal is expected to close by the end of Q3. Meanwhile, Hartford Funds is also acquiring
a strategic beta ETF specialist, Lattice.
, CEO of Schroders North America, calls Hartford "an ideal strategic partner" for the publicly-traded British multinational asset manager. Schroders has offices in 28 countries and AUM of more than $466.9 billion, as of March 31.
Radnor, Pennsylvania-based Hartford Funds is part of the publicly-traded insurer of the same name. The fund firm has $73.6 billion in AUM as of March 31.
Davey, president of Hartford Funds, calls the deal a way for Hartford to continue "to expand the breadth of [its] investment capabilities." And Dasher calls the deal a way to "accelerate [Schroders'] growth plans in the U.S. intermediary market."
Schroders' U.S. mutual fund lineup currently includes: five global and international equity funds; three U.S. equity funds; six fixed income funds; one multi-asset fund; and one alternative fund.
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