Old Mutual income fund and Old Mutual extra income fund manager Michael Gifford has left the company.
Stephen Message, senior equity investment analyst in Old Mutual’s UK large-cap team, has taken over the two funds which have assets of £37m and £25m respectively.
Message has over three years of British equity investment experience and joined the firm in October 2008, working for Simon Murphy, who heads the team and is manager of the Old Mutual UK select equity fund.
Old Mutual says there will be no change to the investment objective or to the broad investment approach of either fund. An additional senior invest- ment analyst will be recruited to enhance the company’s UK large-cap resource.
Gifford joined Omam in 2006 from F&C Asset Management, where he managed equity income portfolios. He previously 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 by 12 per cent compared with the IMA UK equ- ity income sector’s 13.1 per cent fall, while extra income fell by 12.5 per cent against the IMA UK equity & bond income sector’s 7.6 per cent fall.