American Funds Preps Private Equity ... For Itself
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Wednesday, February 16, 2011

American Funds Preps Private Equity ... For Itself

Fundsters interested in joining up with American Funds [see profile] may soon have an extra incentive to do so. On Thursday the SEC revealed [see filing] that it is about to approve an application from American Funds' parent, Capital Group, to create special private equity funds for its own employees.

Capital Group's interest here isn't new. According to the SEC, the Los Angeles-based mutual fund firm first filed on October 1, 2003 and then amended that filing four more times, most recently on February 1 of this year. Now the SEC is giving those interested one way or the other an opportunity to speak up by March 7 if they want a hearing on the request, and "an order granting the application will be issued unless the Commission orders a hearing."

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