I've never heard it called that either, but that effect is easily achieved within AEs using the "change to color" effect, as well as many other effects within color correction such as "curves".
Under the effects tab, find "color correction" and choose "change to color"
The "change" operator drop down needs to be changed to "hue & saturation"
And the "change by" operator drop down needs to be changed to "transforming to color"
You can use the sliders to adjust the intensity etc.
And like with most everything within AEs, pretty much everything is key-framable