Capital Retains Andersen To Build Management System, Shuns Own

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Capital Group has abandoned efforts to implement a homegrown portfolio management and trust accounting system, sources say, and has instead hired Andersen Consulting Inc. to build a system from scratch.

Los Angeles-based Capital Group had planned to begin testing its Spark II mutual fund and trust accounting system later this year (IMT, Feb. 21). But a team of Andersen consultants has concluded that the system is inadequate to meet Capital Group's needs. The firm runs about 40 mutual funds an