Hartford Acquires Fortis Funds
Investors who hold a Fortis fund have no reason to panic.
The acquisition of Fortis Financial Group leaves shareholders of the firm’s mutual funds with plenty of questions, but no cause for panic.
Fortis announced on January 25, 2001, that it would be selling its mutual fund lineup to Hartford Financial Services Group (HIG), a move that would boost the latter firm’s mutual fund assets under management by more than 30%. Although the two firms expect the deal to close in the second quarter of 2001, the fate of Fortis’ mutual funds is still unclear. A spokesman for Hartford said that those plans would probably be finalized when the Fortis funds’ board of directors meets in early March.
Bradley Sweeney does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.