Old Mutual L.L.C. of London is renaming the 18 PBHG funds after itself, stripping the PBHG banner from the funds in light on remaining negative connotations surrounding Gary Pilgrim and Harold Baxter from the mutual fund trading scandal, the Philadelphia Inquirer reports. Last year, Old Mutual renamed Pilgrim Baxter & Associates as Liberty Ridge Capital Inc.
Originally, Old Mutual purchased a group of U.S. investment managers in 2000, including Pilgrim Baxter. The firm, known for its aggressive growth funds, was then a symbol of mutual funds' success in the bull market of the 1990s. But the 2003 lawsuit filed by the Securities and Exchange Commission and New York Attorney General Eliot Spitzer, showed how the firm was taking advantage of investors by allowing a select few, including the firm's two top executives, to market time its funds.