Hartford Shakes Up Wealth Management Unit

The Hartford is restructuring its Wealth Management unit, breaking it into four segments: global annuities, mutual funds, retirement plans, and individual life, under wealth management president David Levenson.

Jim Davey, formerly executive vice president and director of the investment and retirement division, will now be responsible for the U.S. and Canadian mutual funds and the company’s 529 programs, a Hartford spokesperson confirmed to PLANADVISER. The retirement plan unit, comprised of 401(k), 403(b), and 457 plans, will now be led by Sharon Ritchey, who was just last month named executive vice president of retirement plans, succeeding Jamie Ohl (see “Hartford Names New Head of Retirement Plans“).

Rounding out the four business units, global annuities will be led by Rob Arena, an executive vice president (EVP), and Brian Murphy, also an EVP, will lead individual life, and also have responsibility for Woodbury Financial Services, The Hartford’s broker/dealer.

Earlier this year, the company implemented an organizational structure that separated the firm into three business segments: commercial markets, wealth management, and consumer markets, which the firm said was designed to help it execute on key customer growth opportunities (see “The Hartford Realigns to Be More Customer-Centric“).

Levenson was named president of the business unit effective July 1 (see “The Hartford Names New President of Wealth Management“).