Wellington Buys Hartford Funds for $1.9 Billion in Expansion (1)

Wellington Management Co. agreed to buy the mutual-fund division of Hartford Insurance Group Inc. as the Boston-based investment firm pushes ahead with a wealth expansion.

The deal has a net present value of $1.9 billion and is expected to be completed in the first quarter of 2027, after receiving regulatory and fund approvals, according to a statement Wednesday.

Wellington, which has more than $1.35 trillion under management, currently sub-advises 83% of Hartford Funds’ roughly $160 billion in assets. As part of the transaction, Hartford will receive $300 million in cash at closing and additional payments over seven years based on …