The American Funds group is on track to staffing its new service center in the Phoenix-area.

The fund company has already hired 50 employees and plans to hire 150 more within a year for the new office, according to the Arizona Republic.

In August, spokesman Chuck Freadhoff told the MFWire that the fund firm expected to have 100 employees staffed by mid next year.

The new hires will occupy a 110,000-square foot building in the Phoenix-Scottsdale city limit, reported the Republic.

The fund company is opening the service center to cope with growth. Of American Funds' four other service centers in Indianapolis, Indiana; Brea, California; Hampton Roads, Virginia; and San Antonio, Texas, three are already at capacity, said Freadhoff in August. 

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