The Capital Group Companies
, which runs American Funds
], has licensed Eagle Investment Systems'
mutual fund accounting solution. The decision is part of Los Angeles-headquartered Cap Group's plan to "upgrade its middle- and back-office architecture to streamline its operations," according to a press release issued by Eagle, a unit of BNY Mellon Asset Servicing
, on Monday morning.
"The decision to select a new fund accounting system was made after a careful evaluation of internal and external solutions," said Brian Bullard
, a senior vice president at Capital Research and Management Co., in the release. He added: "We believe Eagle is a very robust system which will provide us greater functionality than other systems."
Capital Group spokeswoman Maura Griffin declined to elaborate on the decision.
The press release offers a rare window into the activities within Capital Group, which keeps a low profile despite its size.
Capital Group has more than $900 billion in fund assets across 30 mutual funds.
Company Press Release
The Capital Group Selects Eagle's Mutual Fund Accounting Solution
BOSTON, Oct. 18 -- Eagle Investment Systems LLC, a leading provider of financial services technology and a subsidiary of BNY Mellon, today announced that The Capital Group Companies, Inc. (The Capital Group) has licensed its fund accounting solution to support the firm's mutual fund accounting operation under the American Funds brand. This selection is part of The Capital Group's plan to upgrade its middle- and back-office architecture to streamline its operations.
Headquartered in Los Angeles, The Capital Group is one of the largest mutual fund companies in the world with more than $900 billion in fund assets across 30 publicly available mutual funds.
"The decision to select a new fund accounting system was made after a careful evaluation of internal and external solutions," said Brian Bullard, a senior vice president at Capital Research and Management Co., the investment adviser to American Funds. "We believe Eagle is a very robust system which will provide us greater functionality than other systems."
Beth Sullivan, director of information technology at Capital Research and Management Co., said, "Eagle was the best vendor product for our mutual fund accounting requirements and offered flexibility with data integration and business reporting needs."
"Market conditions of the past few years have created an environment requiring firms to address new regulations and the latest processing requirements of complex securities. Companies want to address those needs while creating more operational efficiencies around systems and internal processes," said John Lehner, president and chief executive officer of Eagle. "Eagle's selection by a firm with such longstanding success as The Capital Group is a strong acknowledgment of our work to develop the most comprehensive mutual fund accounting platform available today."
Eagle Investment Systems LLC, a subsidiary of BNY Mellon Asset Servicing, is a global provider of financial services technology. Eagle provides leading-edge technology and services for data management, investment accounting and performance measurement. Eagle's product suite is offered as an installed application or can be hosted via Eagle ACCESS(SM), Eagle's ASP offering. Additional information is available at www.eagleinvsys.com.
BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services, and treasury services through a worldwide client-focused team. It has $21.8 trillion in assets under custody and administration and $1.0 trillion in assets under management, services $11.6 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Learn more at www.bnymellon.com.
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