American Century said in early May that it will drop the Livestrong name from its target-date funds at the end of May. These funds will be rebranded One Choice, which the Kansas City-based firm uses now for its target-risk funds.
According to Morningstar, the Livestrong funds have been marketed by American Century in cooperation with the Livestrong Foundation since 2006 and have about $7.6 billion in assets, making the group the 10th largest series of target-date mutual funds in the United States.
In addition, American Century said that in late July it will add a new retirement plan share class to many of its mutual funds and consolidate its asset-allocation “fund-of-funds” portfolios under a single sub-brand: R6.
The fund company says the R6 shares will have the lowest total expense ratio of any of its share classes. The new share class should be available on July 31 for 42 funds, including the firm’s target-date portfolios.
American Century is partly owned by the Stowers Institute for Medical Research. American Century founder James E. Stowers Jr. and wife Virginia Stowers, both cancer survivors, founded the institute. Each year, more than 40% of American Century profits are directed to the Stowers Institute. Since 2000, the institute has received nearly $1 billion in company dividends.