The management of BT Investment Management is seeking to shake off the fund manager's last ties to Westpac by rebranding to Pendal Group.
BT Investment Management, which was floated out of Westpac in 2007, is seeking approval from shareholders to change its company name to Pendal Group Limited.
Shareholders will vote at a BTIM general meeting on 27 April 2018 to end the company's licensing agreement with Westpac to use the BT brand.
The licence costs BTIM approximately $1 million a year, a spokesperson told InvestorDaily.
Westpac sold down its stake in BTIM to 10 per cent in May last year, and the bank is planning to sell its remaining stake subject to favourable market conditions (but not before BTIM's first half 2018 results).
In a letter to shareholders, BTIM chairman James Evan said "it is time for BTIM to establish its own name and brand" and "a name change is in the best interest of the business, and therefore shareholders".
"This will allow us to invest in an independent identity which we own, and to create a strategic brand advantage as we continue to execute our strategy of building and growing a diversified global investment management business".
"As the BT license is due for renewal later this year, the board believes that now is the right time to make this change," Mr Evans said.
Pendal was the name given to BT's nominee company established in 1971 to hold assets on behalf of its first prospective client Dalgety.
The name is a 'reversal' of Dal(gety) Pen(sion).
BTIM's offshore business, JO Hambro Capital Management, will continue to operate under its existing name and branding.
After much speculation, NAB has appointed its new chief executive following the departure of Andrew Thorburn. ...
Credit rating agency Fitch Ratings has changed its outlook on Westpac and ANZ from “stable” to “negative”, following APRA’s updat...
International investment group Mayfair 101 is launching a new brand to focus on Australian customers and provide diversified international i...