American Funds parent may add 500 workers in Carmel

By Norm Heikens, The IBJ

nheikens@ibj.com

Capital Group Cos., the Los Angeles-based parent of mutual fund giant American Funds, said today that it plans to add enough space at its 24-acre campus in Carmel to support an additional 500 employees.

If the privately held company were to fill the new buildings, total employment would come to 1,500 - a 50-percent boost.

A Capital Group spokeswoman downplayed the $50 million announcement, saying the workers would be hired gradually after January 2010, when the buildings are scheduled to be occupied.

Still, the expansion would amount to a large swell in the back-office operation.

American Funds currently operates from a 106,000-square-foot building at 12911 N. Meridian St. that it acquired last year from Opus North Corp., a Minneapolis developer, and another site at Keystone Crossing.

Capital Group said the $50 million expansion would allow it to move the Keystone workers to Carmel and create capacity for the additional workers.

The company plans to build a five-story, 175,000-square-foot office building and a one-story mail-processing center with 32,000 square feet. Both will be connected to the existing building.