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September 17, 2008 at 09:00 AM
The Capital Group Companies Inc. is seeking permission from Washington state regulators to let its money managers acquire up to 20% of the total voting common stock of UnitedHealth Group Inc.
In November 2007, the money managers managed funds and client accounts containing about 7% of the 1.3 billion outstanding shares of the common stock of UnitedHealth, Minnetonka, Minn., according to Capital Group, Los Angeles.
The money managers might want to invest more fund and client assets in UnitedHealth stock, but “not for the purpose of affecting, changing or influencing the control of [UnitedHealth,” a Capital Group executive writes in a letter to Washington regulators that officially disclaims any Capital Group interest in controlling UnitedHealth or its subsidiaries.
Capital Group is the parent of the American Funds family of mutual funds, and of Capital Group International, a unit that manages accounts for institutions and wealthy individuals.
