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
Bill Murphy, CTO of Blackstone, once again joins the podcast to discuss the private equity firm's new offices, designed to house its innovations team.Subscribe to Weekly Wrap emails