American Century Investments
{{Short description|American independent investment management firm}}
{{Infobox company
| name = American Century Investments, Inc.
| logo = American Century Investments Logo.svg
| image = Am Century Towers Kansas City MO.jpg
| image_caption = American Century Towers, Kansas City, Missouri
| type = Private
| foundation = Kansas City, Missouri, U.S. ({{Start date and age|1958}})
| 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
| homepage = {{url|http://www.americancentury.com}}
}}
American Century Investments is a privately controlled and independent investment management firm.
Operations
The American Century Towers 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.{{Cite web|url=https://www.kansas.com/news/business/article1137565.html|title=James E. Stowers Jr., founder of American Century and the Stowers Institute, dies|website=kansas|language=en|access-date=2019-03-12}} Stowers started the funds in 1958 with just $100,000 in assets from 24 shareholders.{{Cite web|url=https://www.prweb.com/releases/james_e_stowers_jr_founder_of_american_century_investments_stowers_institute_for_medical_research_dies_at_age_90/prweb11681652.htm|title=James E. Stowers Jr., Founder of American Century Investments, Stowers Institute For Medical Research, Dies at Age 90|website=PRWeb|access-date=2019-03-12}} He built his business concentrating on small investors. The company changed its name to American Century Investments in 1997.{{Cite web|url=https://www.investmentnews.com/article/20140318/FREE/140319900/james-stowers-american-century-investments-founder-dies-at-90|title=James Stowers, American Century Investments founder, dies at 90|website=www.investmentnews.com|access-date=2019-03-12}} American Century's headquarters are located at 4500 Main in Kansas City, Missouri, near the Country Club Plaza, and employs around 1,300 people.{{Citation needed|date=July 2022}}
In 2011, JP Morgan Chase sold their 41% stake in ACI to Toronto based bank CIBC.{{cite web|url=https://www.americancentury.com/press/cibc.jsp |title=CIBC to Purchase 41 Percent Stake - American Century |accessdate=2011-07-25 |url-status=dead |archiveurl=https://web.archive.org/web/20110927132832/https://www.americancentury.com/press/cibc.jsp |archivedate=2011-09-27 }}{{cite web|url=http://www.businessweek.com/news/2011-07-15/cibc-to-buy-jpmorgan-american-century-stake-for-848-million.html |title=CIBC to Buy JPMorgan American Century Stake for $848 Million - Businessweek |accessdate=2014-07-01 |url-status=dead |archiveurl=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 |archivedate=2011-07-19 }} CIBC resold its stake to Nomura Holdings in 2015 for around $1 billion as it could not gain full control of ACI.{{Cite web|title=Nomura pays $1bn for American Century stake|url=https://www.ft.com/content/30ecd928-32d3-39d5-bee0-b700cb5bebbe|url-status=live|access-date=2021-09-06|website=www.ft.com|archive-url=https://web.archive.org/web/20190918031209/https://www.ft.com/content/30ecd928-32d3-39d5-bee0-b700cb5bebbe |archive-date=2019-09-18 }} The stake gave Nomura 10.1% of the voting rights.{{cite web|last=Fukase |first=Atsuko |url=https://www.wsj.com/articles/nomura-to-buy-41-stake-in-american-century-investments-1450707081 |title=Nomura to Buy 41% Stake in U.S. Mutual-Fund Manager |website=WSJ.com |date=2015-12-21 |accessdate=2016-07-15}} The Stowers Institute for Medical Research holds the controlling majority stake in the company.{{Cite web|last=Milburn|first=Robert|title=How American Century Investments Funds Science|url=https://blogs.barrons.com/penta/2015/08/28/how-american-century-investments-funds-science/|access-date=2021-09-07|website=blogs.barrons.com|language=en-US}} Between 2000 and 2019, the institute received over $1.1 billion in dividends from American Century.{{Cite web|last=Dornbrook|first=James|date=February 1, 2019|title=American Century's minority owner takes a huge hit to earnings|url=https://www.bizjournals.com/kansascity/news/2019/02/01/american-century-nomura-holdings-earnings-loss.html|access-date=2021-09-07|website=www.bizjournals.com}}
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.{{Cite web|date=2021-07-01|title=American Century Settles Federal Antitrust Charges For $1.5 Million|url=https://www.kcur.org/news/2021-07-01/american-century-settles-federal-antitrust-charges-for-1-5-million|access-date=2021-09-06|website=KCUR 89.3 - NPR in Kansas City. Local news, entertainment and podcasts.|language=en}} In August 2021, the company announced a vaccine mandate, requiring its employees to get the COVID-19 vaccine.{{Cite web|date=August 20, 2021|title=American Century joins ranks of KC businesses requiring vaccine|url=https://www.bizjournals.com/kansascity/news/2021/08/20/covid-vaccination-requirement-employers-events.html|url-status=live|access-date=2021-09-06|website=www.bizjournals.com|archive-url=https://web.archive.org/web/20210820214847/https://www.bizjournals.com/kansascity/news/2021/08/20/covid-vaccination-requirement-employers-events.html |archive-date=2021-08-20 }}
Since 1999, American Century has sponsored the American Century Championship,{{Cite web|title=American Century Investments Extends Golf Event Sponsorship|url=https://www.sportsbusinessjournal.com/Daily/Closing%20Bell/2015/07/21/Am%20century.aspx|access-date=2021-09-07|website=www.sportsbusinessjournal.com|language=en}} an annual celebrity golf tournament held at Edgewood Tahoe Resort in July.{{Cite web|title=First-ever fantasy golf competition coming to American Century Celebrity Golf Championship|url=https://golf.com/news/fantasy-golf-american-century-golf-2021/|access-date=2021-09-07|website=Golf|language=en-US}} A fantasy golf contest was added to the championship in 2021.{{Cite web|last=Vaupel|first=Andrew|date=June 29, 2021|title=American Century introduces fantasy golf contest. Will you pick Mahomes or another celebrity/sports legend?|url=https://www.bizjournals.com/kansascity/news/2021/06/29/american-century-championship-fantasy-golf-contest.html|url-status=live|access-date=2021-09-07|website=www.bizjournals.com|archive-url=https://web.archive.org/web/20210702040159/https://www.bizjournals.com/kansascity/news/2021/06/29/american-century-championship-fantasy-golf-contest.html |archive-date=2021-07-02 }}
Subsidiary
- American Century Investment Management, Inc.
- American Century Investment Management (Asia Pacific) Limited
- American Century Investment Management (UK) Limited
- American Century Investment Services, Inc.
References
{{Reflist}}
External links
- {{Official website|https://www.americancentury.com/}}
{{Authority control}}
Category:Investment management companies of the United States
Category:Companies based in Kansas City, Missouri
Category:Financial services companies established in 1958
Category:American companies established in 1958