Scandal-tainted mutual fund firm Pilgrim Baxter & Associates announced Friday that it has changed its name to Liberty Ridge Capital, in a move the company said "signifies a new direction for the firm, which over the past year has implemented several new strategic initiatives." Invesco announced a similar move, changing all its funds into AIM Investments funds.

After a whirlwind year that has seen the firm dish out $100 million to settle charges of market timing, the company decided to change its name without altering any of its funds. The Wayne, Pa.-based firm has already lost founders Harold Baxter and Gary Pilgrim, each of whom was implicated in the scandal.

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