Gifford exits Old Mutual

Stephen Message has assumed control of the £37m Old Mutual Equity Income and £25m Extra Income funds with immediate effect, replacing Michael Gifford.

Message, who joined from US private wealth manager Bessemer Trust late last year, works alongside Simon Murphy on OMAM's UK Select Equity fund and will continue to provide support to the team.

OMAM says there will be no change to the objective or the broad investment approach of either the Equity Income or Extra Income funds.

Gifford, who has departed the group, was previously director of UK equities at F&C Asset Management and manager of its UK Equity Income and UK Growth & Income funds. Prior to this he spent 14 years at Canada Life within various analyst and fund management roles.

"Stephen is a rising star and has the right skills and experience to make a significant positive impact on the management of these funds," Murphy says.

"UK equity income funds are a core part of the UK retail market and an area we are fully committed to. We believe we are well positioned to succeed with this team."