Hedge fund chooses new name Sculptor Capital Management as an ongoing shakeup of Dan Och’s firm continues.

The Och-Ziff name change is complete. The company has channeled its inner Stringer Bell.

Following the departure of billionaire founder Dan Och, a bribery scandal in Africa, and a revolving door exodus of client money – Och-Ziff has been rebaptized.

The firm has changed its name to Sculptor Capital Management.

With $33 billion under management, the firm settled on the name because of – well – their appreciation for Michelangelo?

The Och Ziff name change “evokes the dedication, persistence, and vision that embody what we strive for daily as stewards of your capital,” the firm said in a letter to investors on Monday.

The company will adopt the new name Sculptor on September 12.

Och-Ziff Name Change

It’s been a tough five years for Och-Ziff. Since 2014, clients have yanked $27 billion. Investors have been cautious over a massive investigation into bribery allegations in Africa and a $400 million fine.

Bloomberg says that the cost of rebranding a business can be quite expensive. A report citing industry experts states that costs range between $40,000 and $400,000.

According to the shareholder letter, the firm believes the name reflects part of a broader strategy that will “position [itself] for long-term success.”

The change of its name comes not too much longer after the firm reshaped its executive team. In 2018, the firm appointed Robert Shafir as CEO. Founder and former chairman Dan Och departed the company in March.

“These steps transferred governance and ownership to the current partners while establishing long-term incentives that align the firm’s partners and our investors,” the letter said. “These changes ensure continuity in our investment team while recognizing that we have begun a new chapter in our history.”

The WorldCom Strategy

HBO fans might remember a famous name-change scene on the Wire. In one episode, drug kingpin Stringer Bell famously asked his business school teacher the best way to rebrand an underperforming version of heroin on the streets of Baltimore.

The professor launches into a monologue about how a company called WorldCom once suffered reputational damage due to a massive accounting scandal.

The new leadership faced fallout from controversy… so the CEO proposed …

“To change the name,” concludes Stringer.

Will Jon Corzine follow suit?