The Hartford Financial Services Group Inc. is closing its mutual funds operation in Woodbury, resulting in the layoff or move of 190 workers by the end of the month, the company said Tuesday.
The move comes five months after the company notified state economic development officials that it might cut up to 200 jobs in the near future.
The work done in Woodbury will be moved to the headquarters of the Hartford’s mutual funds business in Radnor, Pa., a spokesman said.
He called the decision “difficult,” and said the company is providing job transition services to the affected employees.
The company occupies a building prominently located at the Interstate 94 intersection with I-694 and I-494 on the east side of the metro area. The move is another major step out of the Twin Cities market by the Hartford in recent years.
The Connecticut-based company in 2012 sold its Oakdale-based Woodbury Financial Services business to AIG. That same year, it sold its life insurance business, which also had a sizable presence in Woodbury, to Prudential Financial Services.
At the time of those deals, the Hartford said it was focusing on property-casualty, group benefits and the mutual fund business, all of which were seen to be more profitable.