Magellan Financial Group (ASX:MFG) said the Australian Competition and Consumer Commission approved the company's merger with Barrenjoey Capital Partners, according to a Friday filing with the Australian bourse.

The unconditional approval is subject to the expiry of a statutory 14-day review period, and Magellan expects to complete the merger in early July.

Magellan Financial plans to seek shareholder approval at an Oct. 22 meeting to change its name to Barrenjoey Group, saying that a unified brand will put the combined group in a better position for its next growth phase.

The company will also change its ticker to "BJY" from "MFG," while the name of its investment distribution brand will change to Barrenjoey Investment Partners from Magellan Investment Partners.

Magellan Financial's shares jumped past 5% in recent Friday trade.