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May 06, 2013 at 09:42 AM
American Century said Thursday that 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 says 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.
“Seven years ago, the co-branding of our target-date funds as Livestrong was an innovative way to support those impacted by cancer, while sharing with clients and the public at large how a significant portion of our corporate profits fund lifesaving research,” said Chief Marketing Officer Mark Killen, in a press release. “While we continue to support Livestrong and its mission, in light of our broadened commitment to the cause, showcasing a single entity no longer tells the full story.”
Cyclist Lance Armstrong founded the Livestrong Foundation to promote cancer research. Armstrong recently admitting to doping during his career and was stripped of many awards.
