British fund manager Schroders has teamed up with American asset manager Hartford Funds to accelerate growth plans in the US.
The partnership will allow Hartford Funds to adopt 10 Schroders existing US mutual funds, with plans on to expand the alliance further in the future.
The adopted funds will be advised by Hartford Funds, sub-advised by Schroders, and renamed ‘Hartford Schroders Funds’.
The funds, which include equity, fixed income and multi-asset strategies, collectively have $2.2bn in assets under management.
The move is subject to shareholder approval.
Hartford Funds president Jim Davey said: "This relationship allows us to expand the breadth of our investment capabilities and continue to deliver quality solutions to US investors, both now and in the future. Schroders’ history of product innovation and disciplined investment processes reflect our belief in differentiated, long-term thinking that helps investors meet their financial goals."
Schroders group CEO Peter Harrison added: "The addition of funds sub-advised by Schroders to Hartford Funds’ investment platform will give investors in the US access to our diverse investment management expertise. This relationship will enable us to build scale in our US intermediary business and accelerate our growth plans in the US market."
Hartford Funds provides over 45 funds in a variety of styles and asset classes. The firm oversees $73.6bn in assets.