The management of investment manager Dawnay Day Milroy has bought out the remaining 50% of the business that it did not own and renamed the firm Corazon Capital Management, thus severing links with Dawnay, Day, the troubled financial services group whose name it used.

Corazon Capital Management will retain all of the $1.2bn assets it managed before the management buy-out, which was led by joint-managing directors Robert Milroy and Paul Meader. Ian Morley will remain chairman of the firm, which has ended the licensing agreement with Dawnay, Day that the firm signed in 2002.