Payden & Rygel of Los Angeles, an investment firm with nearly $35 billion in assets under management, has announced that it is renaming its mutual fund unit. Formerly called Payden & Rygel Mutual Funds, the new name, Paydenfunds, will take effect immediately, the company said.

Ease of recognition is the main reason for the change, said Greg Brown, president of Paydenfunds.

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