American Century Investments will change the name of its Livestrong Portfolios target-date funds suite.
The fund family's new name will be One Choice Portfolios, effective May 31, placing these funds under the same banner as its target risk suite. American Century's target-date series held some $7.6 billion in retirement plan assets as of March 31.
American Century has had the Livestrong tag on its target date lineup for seven years, going back to when the firm started working with The Livestrong Foundation to help the charity promote and fund programs for cancer patients.
The foundation used to be known as the Lance Armstrong Foundation, as it was founded by the famed cyclist. He stepped down as chairman of the charity last November after admitting to doping.
The Armstrong link was not the reason for the name change, however. Rather, American Century's decision to rename the funds arose from a desire to keep the brand consistent, according to Chris Doyle, the fund family's spokesman.
“We had dual branding, but we've decided to consolidate to one brand,” he said. “This is simplifying branding.”
Livestrong will continue to partner with American Century in fundraising and advocacy efforts. For instance, the foundation has been a recipient of the proceeds from the American Century Championship, an annual celebrity golf tournament. The charity will be receiving funds from the tournament this year, too, Mr. Doyle said.
When asked to comment, Rae Bazzarre, director of communications at Livestrong, referred to a statement from Doug Ulman, the foundation's president and chief executive.
“American Century became a devoted and enthusiastic partner to the Livestrong Foundation at a time when few of its peers were embracing innovative philanthropic causes,” Mr. Ulman said. “We are grateful for our shared successes and look forward to American Century's continued support of our mission and so many others' in the cancer community, both in research and patient-focused endeavors.”
American Century also announced the launch of its R6 share class for retirement plans, which will have the lowest total expense ratio of all the company's offerings. The R6 will be available July 31 for 42 of the company's funds, including its target date lineup.
" American Century cuts Livestrong name from target dates" originally appeared on InvestmentNews' website, a sister publication of Pensions & Investments.