Hartford HealthCare is considering outsourcing its investment office, according to two sources familiar with the matter.
Some investment staffers have been let go, according to the sources. The board has not yet made a decision on its next steps.
David Holmgren, the Connecticut hospital system’s chief investment officer, could not immediately be reached for comment on Tuesday.
The news comes after the fund ended its fiscal year with positive returns — an impressive feat for most investment organizations for the 12-month period ending June 30, 2022. The hospital system was expected to be in the top-decile, performance-wise, for the year, as previously reported by Institutional Investor’s Essential Allocator newsletter.
Last week, Holmgren was named Advocate of the Year alongside Ascension Investment Management CIO David Erickson at Institutional Investor’s Allocators’ Choice Awards. The two received the award for their work to develop junior talent and present opportunities for young staffers on their teams.
Hartford HealthCare has long been a top-performing fund, posting top-decile returns in 2017 and 2018, Institutional Investor previously reported.
Read II’s latest reporting here: ‘Everyone Was Shocked’: Investment Committee Members Resign After Hartford HealthCare Fires Staff, Hires Morgan Stanley
