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Old Mutual fund manager to retire

Old Mutual extra income fund manager Leonard Klahr is to retire.

Klahr, who will retire next March, will be replaced by Michael Gifford who becomes joint manager at the end of June.

Gifford has been deputy manager of the S&P and OBSR AA-rated fund since 2006 and will assume sole responsibility in January 2009. He will also continue to manage the S&P A-rated Old Mutual equity income fund.

Old Mutual says there will be no change in objective, risk profile or broad investment approach of the fund which has slipped into the fourth quartile. The fund’s fixed interest element will continue to be managed by Corporate Bond fund manager Stephen Snowden.

Old Mutual Fund Managers business development manager John Morrison says: “Leonard has been a valued member of the investment team for many years and we wish him all the best in his retirement years. We are very fortunate in being able to hand over the fund to Michael Gifford who has a strong and long track record as an equity income manager.”

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