Q&A with Emilio Gonzalez on Pendal's rebrand

Emilio Gonzalez, CEO of newly-named Pendal Group, says that it was a "natural evolution" to rebrand from BT Investment Management, with the official ringing of the bell at the ASX on May 4. Emilio tells Industry Moves about the "lightbulb" moment that determined the new name, talks us through some of the challenges faced when making changes to an established brand, and the importance of walking the talk when setting the values of an organisation.

EMILIO GONZALEZ

Emilio Gonzalez, CEO of newly-named Pendal Group, says that it was a "natural evolution" to rebrand from BT Investment Management, with the official ringing of the bell at the ASX on May 4. Emilio tells Industry Moves about the "lightbulb" moment that determined the new name, talks us through some of the challenges faced when making changes to an established brand, and the importance of walking the talk when setting the values of an organisation.

What were the key factors that prompted the re-brand of BT Investment Management to Pendal Group?

The re-brand of BT Investment Management was a natural evolution for the business given its success and the gradual sell down by Westpac over time from 60% to the current 10% level. Our clients, asset consultants and many other stakeholders were asking the question as to whether we would change our name. It also coincided with the renewal of the BT name licensing agreement with Westpac later in the year.

Can you tell us about the history behind the Pendal name and the process of choosing it?

It was important that our new name somehow linked to the origins and history of the business. The Pendal name was established in 1971 and was the name given to BT's nominee company to hold the assets on behalf of its first prospective client the Dalgety Pension Fund. The name was derived by taking the first three letters of (Dal)gety and (Pen)sion and reversing them to form Pendal. This received significant support from staff and in particular those individuals who understood the history and development of Pendal Nominees.

What were some of the challenges that came with changing the name of an already well-established brand and how did you overcome them?

We wanted a name that would leverage our heritage and links to BT but also look forward to our combined evolution as a listed funds management firm. We didn't want to lose the work and effort in creating our presence and reputations under the BT brand, even though we did not use the acronym BT exclusively. It was also creating confusion in the market - some people thought we were part of BTFG and Westpac. We licensed the BT brand from BTFG/Westpac and we needed the ability to invest in and grow our own brand asset. The challenge was finding a name that preserved and linked to the past, that was not a 'made up' name that we could exclusively own. At first, this proved elusive but once the Pendal story was told it was a "lightbulb" moment that there could only be one name. Importantly, it represented the truth and the link we were searching for.

While everything looks to be business as usual at this stage, can we expect any other big changes for Pendal in the near future?

Our business strategy is clear and that is to attract and retain the best investment talent into the business to deliver superior investment results for our clients. This remains our focus on a global scale and remains the focus of the business.

"The challenge was finding a name that preserved and linked to the past, that was not a 'made up' name that we could exclusively own. At first, this proved elusive but once the Pendal story was told it was a "lightbulb" moment that there could only be one name."

What marketing strategies do you have in place to ensure that the Pendal becomes as recognisable as BTIM was?

Our people are our most important asset when it comes to building and amplifying Pendal; each one of our team members represents our brand and so we have internal activities to equip team members. Supporting our people are ongoing online and print campaigns, industry presence/event strategies and client engagement strategies. We know it's important to equip advisors with our narrative - and that's an area of focus for us. Through May we are on a national roadshow seeing many advisors around the country - talking directly to those who work with our end customers about our narrative, our new name and identity.

Given what's come out of the Royal Commission, do you think it's even more important to show that you've severed ties with a major bank through the name change?

The message is not so much about severing ties with a major bank, as Westpac/BTFG, but more a case of the next natural stage in the evolution of the business. The reality was that with close to $100bn under management, and trading as an independent global asset manager, it was appropriate that we own our brand and the timing seemed right.

As the Group CEO, how do you ensure that the new brand's values trickle through the organisational culture?

The values of an organisation must start at the top and be demonstrated through actions, not words. The values that the business represents can only become part of the culture of the business if it's clear that the CEO not only talks about them but demonstrates them through his or her actions. For this reason, it's very important to me that my actions set the example for the organisation in setting those values.

Can you share a personal lesson that you've taken from this process?

I've been really impressed by how the team has come together to deliver on everything that had to be done within a very tight timeframe. My initial thought was, given what was involved, that it would require a staged process but instead, the team felt confident that they could get everything done by the launch date May 4th. Everyone approached it with the right attitude, brought in specialised project management and fitted it in around BAU. I recall at one of the meetings, towards the end of the project, everyone coming together and going over 100 action items with a strong sense of ownership and will to succeed. It was an example of how a team with a clear objective, rowing in the right direction, can achieve amazing results.