Necessity is the mother of invention, the old adage insists, and with improprieties abounding in the mutual fund industry, more and more firms are finding they need to forge new identities.

Pilgrim Baxter & Associates, one of the poster children for the fund trading scandal, is the latest firm to change its name as a result of intense regulatory scrutiny and negative press. The Wayne, Pa.-based fund complex last week announced it has switched its name to Liberty Ridge Capital in an effort to stem massive outflows following an investigation of trading abuses that led to the ousting of its two top executives.

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