Eagle Investment Systems, a leading provider of financial services technology and a subsidiary of BNY Mellon, today announced that The Capital Group Companies (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."