The Hartford Launches New Target Retirement Funds
SIMSBURY, CT, October 05, 2005 -- Part of planning for retirement involves choosing a target, often years in advance, designed to help meet savings and investment goals in the future. Helping investors aim for that target with a wide range of retirement products, The Hartford Financial Services Group, Inc. (NYSE: HIG) announced today that it has launched The Hartford Target Retirement Funds.
Changes to America's demographic makeup clearly make the case for more choice in the retirement investment market. With over 77 million Baby Boomers near retirement and facing investment and income management challenges, The Hartford is focused on providing the right high quality investment products to help them meet this challenge. The Hartford Mutual Funds family now offers 48 retail mutual funds, spanning both equity and fixed income investments, and has grown to over $25 billion in assets as of June 30, 2005.
The new retirement funds joining The Hartford's fund family are The Hartford Target Retirement 2010 Fund, The Hartford Retirement 2020 Fund, The Hartford Retirement 2030 Fund and The Hartford Retirement Income Fund.
Hartford Investment Management Company will be the sub-adviser for the Target Retirement Funds. Ibbotson Associates, a recognized expert in asset allocation, will be utilized as a consultant. Each Target Retirement Fund is a diversified fund-of-funds, designed for investors who expect to retire in or near the fund's target year. Each target-date fund is actively managed, so that over time, as the fund approaches its target year, the portfolio allocation will become more conservative by increasing its allocation to fixed income funds.
"Our most recent survey of investors showed that their main concerns were making sure they did not outlive assets, followed by putting together a balanced portfolio and choosing investments that perform well. The Hartford's new retirement funds will help investors achieve these important goals," said Mary Jane Fortin, senior vice president of mutual funds and 529 programs.
The launch of the three new Target Retirement Funds is accompanied by another important product announcement from The Hartford Mutual Funds.
In addition to the Target Retirement Funds, The Hartford is launching The Hartford Select SmallCap Growth Fund which will employ the same multi-manager approach as The Hartford Select MidCap Value Fund and The Hartford Select MidCap Growth Fund which were launched earlier this year. This fund will be sub-advised by Jennison Associates, LLC and Oberweis Asset Management, Inc., both recognized leaders in small company portfolio management. This fund seeks to invest the majority of its assets in common stocks of small-capitalization companies.
About The Hartford
The Hartford is one of the largest financial services and insurance companies in the U.S., with worldwide revenues of $22.7 billion in 2004. The company is a leading provider of investment products; life insurance and group benefits; automobile and homeowners' products; and business property-casualty insurance. International operations are located in Canada, Japan, Brazil and the United Kingdom.
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