American Century Investments Explained

American Century Investments, Inc.
Type:Private
Foundation:Kansas City, Missouri, U.S.
Location:Kansas City, Missouri, U.S.
Key People:Jonathan Thomas, CEO and president
James E. Stowers Jr., Founder
Aum:US$187 billion (Q3 2022)
Num Employees:1,400 (Q3 2022)
Industry:Financial services
Products:Mutual funds, institutional separate accounts, commingled trusts and sub-advisory accounts

American Century Investments is a privately controlled and independent investment management firm.

Operations

The Building has approximately 1,400 employees and its headquarters are located at 4500 Main in Kansas City, Missouri, near the Country Club Plaza; the company also has offices in New York, London, Hong Kong, and Sydney.

History

The company was founded by James E. Stowers Jr. in 1958 as "Twentieth Century Mutual Funds", a family of no-load funds, in Kansas City, Missouri.[1] Stowers started the funds in 1958 with just $100,000 in assets from 24 shareholders.[2] He built his business concentrating on small investors. The company changed its name to American Century Investments in 1997.[3] American Century's headquarters are located at 4500 Main in Kansas City, Missouri, near the Country Club Plaza, and employs around 1,300 people.

In 2011, JP Morgan Chase sold their 41% stake in ACI to Toronto based bank CIBC.[4] [5] CIBC resold its stake to Nomura Holdings in 2015 for around $1 billion as it could not gain full control of ACI.[6] The stake gave Nomura 10.1% of the voting rights.[7] The Stowers Institute for Medical Research holds the controlling majority stake in the company.[8] Between 2000 and 2019, the institute received over $1.1 billion in dividends from American Century.[9]

The company paid a $1.5 million settlement to its current and former employees after the United States Department of Justice found that it broke anti-trust laws by conspiring with another company to not compete for employees.[10] In August 2021, the company announced a vaccine mandate, requiring its employees to get the COVID-19 vaccine.[11]

Since 1999, American Century has sponsored the American Century Championship,[12] an annual celebrity golf tournament held at Edgewood Tahoe Resort in July.[13] A fantasy golf contest was added to the championship in 2021.[14]

Subsidiary

Notes and References

  1. Web site: James E. Stowers Jr., founder of American Century and the Stowers Institute, dies. kansas. en. 2019-03-12.
  2. Web site: James E. Stowers Jr., Founder of American Century Investments, Stowers Institute For Medical Research, Dies at Age 90. PRWeb. 2019-03-12.
  3. Web site: James Stowers, American Century Investments founder, dies at 90. www.investmentnews.com. 2019-03-12.
  4. Web site: CIBC to Purchase 41 Percent Stake - American Century . 2011-07-25 . dead . https://web.archive.org/web/20110927132832/https://www.americancentury.com/press/cibc.jsp . 2011-09-27 .
  5. Web site: CIBC to Buy JPMorgan American Century Stake for $848 Million - Businessweek . 2014-07-01 . dead . https://web.archive.org/web/20110719031933/http://www.businessweek.com/news/2011-07-15/cibc-to-buy-jpmorgan-american-century-stake-for-848-million.html . 2011-07-19 .
  6. Web site: Nomura pays $1bn for American Century stake. live. 2021-09-06. www.ft.com. https://web.archive.org/web/20190918031209/https://www.ft.com/content/30ecd928-32d3-39d5-bee0-b700cb5bebbe . 2019-09-18 .
  7. Web site: Fukase . Atsuko . Nomura to Buy 41% Stake in U.S. Mutual-Fund Manager . WSJ.com . 2015-12-21 . 2016-07-15.
  8. Web site: Milburn. Robert. How American Century Investments Funds Science. 2021-09-07. blogs.barrons.com. en-US.
  9. Web site: Dornbrook. James. February 1, 2019. American Century's minority owner takes a huge hit to earnings. 2021-09-07. www.bizjournals.com.
  10. Web site: 2021-07-01. American Century Settles Federal Antitrust Charges For $1.5 Million. 2021-09-06. KCUR 89.3 - NPR in Kansas City. Local news, entertainment and podcasts.. en.
  11. Web site: August 20, 2021. American Century joins ranks of KC businesses requiring vaccine. live. 2021-09-06. www.bizjournals.com. https://web.archive.org/web/20210820214847/https://www.bizjournals.com/kansascity/news/2021/08/20/covid-vaccination-requirement-employers-events.html . 2021-08-20 .
  12. Web site: American Century Investments Extends Golf Event Sponsorship. 2021-09-07. www.sportsbusinessjournal.com. en.
  13. Web site: First-ever fantasy golf competition coming to American Century Celebrity Golf Championship. 2021-09-07. Golf. en-US.
  14. Web site: Vaupel. Andrew. June 29, 2021. American Century introduces fantasy golf contest. Will you pick Mahomes or another celebrity/sports legend?. live. 2021-09-07. www.bizjournals.com. https://web.archive.org/web/20210702040159/https://www.bizjournals.com/kansascity/news/2021/06/29/american-century-championship-fantasy-golf-contest.html . 2021-07-02 .

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "American Century Investments".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.