Gifford has been deputy manager of the AA-rated fund since 2006 and will take sole responsibility in January 2009. He will continue to manage the A-rated equity income fund.
Old Mutual says there will be no change in approach for the fund which has slipped into the fourth quartile. The fixed interest element will continue to be managed by corporate bond fund manager Stephen Snowden.
Business development manager John Morrison says: “Leonard has been a valued member of the investment team. We are very fortunate in being able to hand over the fund to Michael Gifford.”