Hartford Financial Services Group (HIG) has put on hold the sale of its mutual fund unit to Clayton Dubilier & Rice, Bloomberg reports. The move comes because of lending cutbacks by banks for leveraged sales.
The U.S. investment and insurance company, which started looking for buyers for the mutual fund operation earlier this year, may restart the sale process at a later date. The Hartford Capital Appreciation Fund worth $13.1 billion has lost 19 percent this year.
Click here for the story from Bloomberg.