BT Investment Management Ltd. plans to change its name to Pendal Group Ltd., as it seeks to establish its own name and brand.

The name change will allow the company to invest in an independent identity which it owns, according to a news release.

The BT brand is owned by Westpac Banking Corp. and is licensed to BT Investment Management after it was floated out of the banking group. Westpac also has its own BT-branded business, BT Financial Group, and has signaled that it will divest its remaining 10% stake in BT Investment Management sometime in the future.

The change will apply to the listed parent company and its Australian business. J O Hambro Capital Management Ltd., the company's offshore business, will continue to operate under its existing name and branding, subject to its existing brand license agreement.

BT Investment Management's ASX listing code will change to PDL from BTT following the name change.

The proposal is subject to shareholder approval. Westpac indicated it will support and vote in favor of the name change.