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.

"Payden & Rygel is well known on the institutional side, but not as well on the mutual fund side," said Brown. "The change is to make it simpler, easier for investors to recognize us in the marketplace. Payden & Rygel is a mouthful."

A new website has also been developed for Paydenfunds to provide information on the 21 mutual funds offered as well as the markets in which they invest, according to the company.

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