Material Name Does Not Update When Textured Asset is Imported

When the name of a material in 3Ds Max is changed and the asset is re-exported and reimported into the editor, the name of the material does not update

-Uses 3Ds Max 2016
-Also occurs with Datasmith
-Screenshot attached shows where to change the name in 3Ds Max

1. Download attached FBX file
2. Create an empty project and import the FBX file
3. See name of material
4. Open FBX file in 3Ds Max
5. Change the name of the material in the Slate Material Editor
6. Re-export the FBX
7. In editor < Content Browser < right click asset < Reimport
8. See the name of the material nor the texture change or update

Expected: Name of material updates to the new name from 3Ds Max

Results: Name of material does not update to the new one that was changed in 3Ds Max