Why does re-importing an fbx remove it's child objects?

Exporting a simple object hierarchy from Blender (1 parent + 2 child objects, for example) and then importing into UE4 with “Combine Meshes” ticked works just fine.

However, if I reimport the object (even using the same exact .fbx as used originally) it will remove the child objects. It’s as if the “Combine Meshes” option isn’t being obeyed during re-import.

I am using Blender 2.73, but have tried exporting to different .fbx versions, and also .obj, but all give the same results.

Anyone else experiencing this, and if so how did you overcome it?