Sydney-headquartered Magnum & Co. has relaunched as Hopeful Monsters, an independent creative communications agency for "brands on a mission".

The new agency is headed by Owner and CEO Katie Barclay, Partner Carl Moggridge and Strategy Director Alycia Raco.

Hopeful Monsters is being positioned as a challenger agency for challenger-minded brands seeking to lead and influence culture.

Katie Barclay, said: "Since acquiring Magnum in late 2021, a lot has changed in the business, but also the industry more broadly.

"The type of work we’re being asked to do is different, the type of agency talent that want to work here is different, and the type of campaigns we’re creating have an exciting new direction to them."

Carl Moggridge said the new name has been inspired by some controversial science: "Most species evolve painstakingly slowly over thousands of years. However, every now and then a rare few make a giant leap that changes the lineage of a species forever. It’s called a Hopeful Monster. We're here to help brands make this type of change in their category and in our own.”

Hopeful Monsters' portfolio of clients includes Converse, Red Bull, Adobe, Resmed, Noom, Goodman Fielder, RSPCA NSW, Pizza Hut and Atlantis Dubai.