NU Online News Service, Oct. 22, 9:30 a.m. – Hartford Life has divided its investment products division into an institutional products group and a retail product management group “as part of a broad strategy to ensure growth and provide a strong focus on core markets,” says the company, which is part of the Hartford Financial Services Group, Simsbury, Conn.
The institutional products group, headed by senior vice president Stephen Joyce, brings together the Hartford’s institutional investment products, government pension businesses and international corporate marketing group. Those businesses represent $40 billion in assets, $4 billion in annual sales and more than $100 million in annual earnings, the company says.
Senior vice president David Levenson will head the retail product management group, which will include product management for individual annuity, mutual funds, Canadian mutual funds, 401(k), 529 and offshore products.
“The new alignment makes us a bigger player in a growing market and will allow us to capitalize on synergies within these businesses,” says Tom Marra, Hartford Life president and chief operating officer.