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CI Financial to acquire Hartford’s Canadian mutual funds business

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Canadian wealth management company CI Financial has agreed to acquire Hartford Investments, The Hartford Financial Services Group’s Canadian mutual funds business.

Under the agreement, CI will purchase Hartford Investments, manager of 18 mutual funds with approximately CAD1.75bn in assets.

The transaction is expected to close in December 2010, subject to approval of Canadian securities regulatory authorities. The terms were not disclosed.

"We are pleased to acquire Hartford’s high-quality suite of funds," says Stephen A. MacPhail, CI president and chief executive officer. "Hartford Investments has been one of Canada’s fastest-growing mutual fund companies over the past five years, having developed a strong lineup of portfolio managers and excellent relationships with dealers and advisors."

David N. Levenson, president of The Hartford’s wealth management business, adds: "We believe Hartford Investments Canada will continue to thrive with a new Canadian parent. At the same time, this divestiture will allow The Hartford to focus our energies and investment on core US operations while generating additional capital flexibility and shareholder value."

MacPhail says the transaction is part of CI’s long-term strategy to increase the scale of its asset management business through organic growth and acquisitions and enhance the diversity of its distribution channels. The addition of Hartford’s Canadian mutual funds will increase CI’s retail assets under management to approximately CAD68.4bn.

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