Old Mutual Asset Managers is losing the manager of its Old Mutual Extra Income Fund, Leonard Klahr, who is retiring next March, Citywire reports. The firm has appointed income manager Michael Gifford to assume responsibility for the extra income fund.
Klahr has managed the fund since 1994 and will continue to work with Gifford for the next six months, before Gifford takes on full responsibility for the portfolio in January. The fund parameters will remain the same and Stephen Snowden, manager of Old Mutual’s Corporate Bond Fund, will remain in control of the fixed-income component.
Over the last three years, the 40 million extra income fund has returned 14.53% through May 31, compared with the IMA U.K. Equity Bond & Income sector average of 22.69%.