American Century, the Kansas City-based investment firm, announced today that it would be removing the Livestrong name from its series of target-date funds, effective May 31, 2013. The name change comes on the heels of the admission of doping this past January by cyclist Lance Armstrong, who founded the Livestrong Foundation to promote cancer research. American Century has been associated with the Livestrong Foundation and has used its name on its target-date funds since 2006.
Going forward, American Century plans to group its target-date funds under the One Choice name, a brand already in use for the firm's target-risk funds. Although American Century is touting the name change as a move to simplify and consolidate its retirement offerings, it's unsurprising the firm is choosing to distance itself from the tainted Livestrong brand in the wake of Armstrong's highly publicized admission. American Century is not the first Kansas City-based organization to dissociate itself from the Livestrong brand. Earlier this year, the Sporting Kansas City professional soccer team, whose stadium was formerly known as Livestrong Stadium, terminated its contract with the Livestrong foundation and removed the name from the stadium.