Leading fund manager BT Investment Management Ltd (ASX: BTT) has announced plans to rebrand and change its name should shareholders approve at a meeting on April 28.
According to the release, BTIM intends to change its name to Pendal Group.
The rational for the name change is that the BT brand is actually owned by Westpac Banking Corp (ASX: WBC) and licensed to the company. As the license is due for renewal later this year, the BTIM board felt now was the time for change and for the company to establish its own name and brand.
This won't be the only link between the two companies brought to an end in the near future.
Westpac has significantly reduced its stake in BTIM from 60% to around 10% today, but has signalled its intention to sell its remaining stake when favourable market conditions allow. Though this will not take place before the release of the fund manager's first-half results.
Why Pendal?
The release explains that: "The proposed name of Pendal Group has been chosen because of its link to the origins of the BT investment management business. It was the name given to BT's nominee company established in 1971 to hold assets on behalf of its first prospective client Dalgety, being a reversal of Dal(gety) Pen(sion)."
BTIM's international business, J O Hambro Capital Management, will continue to operate under its existing name and branding.
