Lance Armstrong may have given up his fight against the U.S. Anti-Doping Agency, but American Century Investments isn't giving up on him.
Mr. Armstrong, the famous cancer survivor and bicycling superstar, was officially stripped of his seven Tour de France titles Aug. 24 after he announced he would no longer fight charges he used performance-enhancing drugs.
American Century has a suite of target-date funds tied to Mr. Armstrong's Livestrong foundation.
“We have a shared passion for fighting cancer,” said company spokesman Chris Doyle. “Our relationship is with the foundation, and we will continue to support Livestrong. Regardless of how this case turns out, you can't take away what Lance and his foundation have done for the 28 million people in the world living with cancer.”
The partnership is a good fit: American Century founder, Jim Stowers, and his wife, Virginia, both are cancer survivors and more than 40% of the firm's profits go toward funding the Stowers Institute for Medical Research.
The Livestrong target-date fund family holds more than $5 billion in assets. American Century donates a flat, undisclosed, fee to Livestrong, which it increases based on the amount of assets in the funds, according to the firm's website.
This article originally appeared in the September 3, 2012 print issue as, "American Century won't bail on Armstrong".