Hartford Said to Halt Efforts to Sell Mutual-Fund Subsidiary

Hartford Financial Services Group Inc. halted an effort to sell its mutual-fund unit after banks cut back on lending for leveraged buyouts, said people with knowledge of the matter.

Hartford had been in talks to sell the unit to Clayton Dubilier & Rice LLC, said the people, who spoke on condition of anonymity because the discussions were private. Hartford may revive the sale process at some point, they said.