Wellington Management and The Hartford have announced the signing of a definitive agreement under which Wellington will acquire Hartford Funds, a provider of investment solutions for the wealth management market. Upon completion of the transaction, Hartford Funds will be integrated into Wellington’s U.S. wealth management business and will subsequently operate under the Wellington brand.
The transaction will enable Wellington to provide financial advisors and investors with broader access to investment capabilities, a stronger distribution platform, and more integrated support within the U.S. wealth management market. This will be achieved by combining Wellington’s global institutional investment expertise with Hartford Funds’ established relationships with financial advisors.
The acquisition transforms the companies’ long-standing strategic partnership into a single full-service organization capable of delivering better outcomes for financial advisors and investors over the coming decades. The combined organization will be a stronger independent investment manager, better positioned to compete in an industry that continues to evolve.
Jean Hynes, CEO and Managing Partner of Wellington Management, stated: “For more than 40 years, Wellington and Hartford Funds have worked together to support advisors and investors, and I am excited about what this combination means for the future of both organizations. Wellington’s nearly century-long investment track record is supported by a deep commitment to advisors, investors, and employees, and I know the Hartford Funds team shares that same commitment.
Together, we are building on the strengths that have defined our relationship to deepen our commitment to the U.S. wealth management market through expanded access to investment capabilities, broader distribution reach, and additional resources for advisors and investors. I look forward to continuing to build on the strengths that have defined our collaboration in the years ahead.”
From his part, Christopher Swift, Chairman and CEO of The Hartford, commented: “We are proud of the strong, advisor-focused asset management business we have built, supported for many years by Wellington’s outstanding investment capabilities. This transaction allows us to deliver immediate and sustained value to The Hartford’s shareholders while positioning the exceptional Hartford Funds team for continued success. This combination represents the ideal long-term home for Hartford Funds.”
A Four-Decade Strategic Partnership
Wellington and Hartford Funds have maintained a close relationship for more than four decades, built on a shared objective of delivering strong outcomes for financial advisors and investors.
The relationship began in 1978 and evolved formally in 1984 with the launch of a long-term mutual fund sub-advisory partnership. Since then, the collaboration has expanded to include new capabilities, such as ETFs and additional investment strategies, reflecting a shared commitment to innovation and growth.
Today, Wellington serves as sub-advisor for 83% of Hartford Funds’ approximately $160 billion in assets, supported by a sales and client service team of more than 160 professionals dedicated to representing Wellington’s investment platform.
Strategic and Operational Benefits of the Transaction
- A single, fully integrated platform: The transaction will combine Wellington’s institutional expertise and nearly century-long investment track record with Hartford Funds’ extensive advisor distribution platform and deep relationships with financial intermediaries. The result will be a stronger and more strategically aligned U.S. wealth management platform encompassing investment management, distribution, and client service.
- Expanded capabilities and solutions for advisors and investors: As an integrated platform, Wellington will provide advisors with broader access to investment strategies and solutions across mutual funds, ETFs, separately managed accounts (SMAs), model portfolios, and alternative investments. This offering will be supported by enhanced market insights, expanded capabilities, and improved service resources to help advisors address the evolving needs of their clients.
- Positioned for long-term growth: By operating as a single full-service firm, Wellington will drive long-term growth in the wealth management market through expanded access to investment capabilities, a larger advisor distribution platform, and broader commercial reach.
The combined organization will have approximately 200 client-facing professionals, offering broader solutions, more coordinated support, and a simpler, more consistent experience for advisors and investors.
Christina Kopec Rooney, Head of U.S. Wealth at Wellington Management, commented: “This combination strengthens our competitive advantage and the value we deliver to advisors and clients by bringing together Wellington’s investment capabilities and global expertise across both the institutional and wealth management segments with Hartford Funds’ U.S. distribution scale and highly regarded team.
I am excited about our combined strengths and the potential to innovate and deliver best-in-class investment solutions, deeper insights, and expanded access to Wellington’s capabilities, including alternative investments. It is a highly compelling combination built on decades of close collaboration.”
Greg Frost, President of Hartford Funds, added: “The partnership between Hartford Funds and Wellington is built on shared values, organizational alignment, and a focus on delivering excellence in investment management for advisors and investors. We are delighted to become part of a single integrated Wellington platform and believe this combination represents not only continuity for our clients and teams, but also a reaffirmation of our shared investment philosophy. We look forward to working together to build on our history and create new opportunities for growth and innovation.”
Transaction Terms
The estimated net present value of the transaction is $1.9 billion. Under the terms of the agreement, The Hartford will receive $300 million in cash at closing, in addition to further payments linked to the after-tax available cash generated by the combination of the Hartford Funds business and Wellington’s activities related to Hartford Funds—including the sale of certain Wellington-sponsored products in the U.S. wealth management market—during the seven years following the completion of the transaction.
The transaction is expected to close in the first quarter of 2027, subject to the necessary regulatory and fund approvals.
Transaction Advisors
J.P. Morgan Securities is acting as financial advisor to Wellington, while Paul, Weiss, Rifkind, Wharton & Garrison is serving as legal advisor.
On behalf of The Hartford, Goldman Sachs is acting as financial advisor and Weil, Gotshal & Manges as legal advisor.
By Marcelo Soba