Michael Gifford, manager of the Old Mutual Income fund and Old Mutual Extra Income fund, has left the group.

Stephen Message, senior equity investment analyst in Old Mutual Asset Management’s (Omam) UK large-cap team, has taken over the two funds which, as at October 30, have assets under management of £37 million and £25 million respectively.

Message has over 3 years of British equity investment experience and joined in October 2008, working for Simon Murphy, head of the team and manager of the Old Mutual UK Select Equity fund.

Omam says there will be no change to the investment objective or to the broad investment approach of either fund. An additional senior investment analyst will be recruited to further enhance the UK large-cap resource at Omam.

Gifford joined Omam in 2006 from F&C Asset Management, where he previously managed equity income portfolios. Prior to this, he worked at Canada Life, initially as a credit analyst and bond portfolio manager, then as an equity manager.

According to Financial Express, over three years to December 1, the Equity Income fund fell 12% against the IMA UK Equity Income sector’s 13.1% fall, while Extra Income fell 12.5% against the IMA UK Equity & Bond Income sector’s 7.6% fall.


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