is amping up his sales force for Capital Group's
] American Funds
by 25 percent over the next six to eight months, reports
Jason Kephart of InvestmentNews
. The team will reportedly grow to 145 from 115 people.
Kephart describes the move as a reaction to the shift toward fee-based advisors and a way to win back investors. Once the largest mutual fund company, American Funds lost the number one spot to The Vanguard Group after the financial crisis.
This is the latest change for American Funds. MFWire reported
in August that the firm is preparing to launch funds with a narrow focus, a marked change from the shop's tradition of highly diversified portfolios.
to read Kephart's entire article.
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