You can set the tagname to appear separately from the object in a variety of shapes. You can then drag the tagname to position it relative to the object. Tag balloons are auto sized and split the first letters before the number part and the remainder.
Tag balloons are set from the object controls, using the menu from the bottom right button or by Ctrl-T.
(Replicate copy object and instance data has been moved to the object controls menu)
When you use a balloon tag the symbol text is then set to the right of the balloon and auto sizes, but will stop autosizing if you manually set the text position.
The position of the tag balloon is stored relative to the object so you can use Copy and Paste Object properties to set other tag balloons the same - just click the Appearance button in Paste Object properties.