CI Financial Corp. has agreed to acquire the Canadian mutual fund operations of Hartford Financial Services Group Inc.

CI Financial, Toronto (TSX:CI), hopes to complete the deal, for Hartford Financial’s Hartford Investments unit, by Dec. 31, according to Hartford Financial, Hartford (NYSE:HIG).

The companies are not saying how much CI Financial is paying for Hartford Investments.

Hartford Investments manages 18 Canadian mutual funds, and those funds hold the equivalent of about $1.8 billion in assets and U.S. currency.

Hartford Financial is selling the unit to focus on core U.S. operations, the company says.

CI Financial says it is buying because it wants to increase its size and strengthen its ability to sell through a wide variety of distribution channels.

- Allison Bell