Old Mutual UK Equity Income manager Stephen Message has left the fund house with immediate effect, with Ed Meier taking over the £212m vehicle.
Mr Message's departure follows a review of the fund, which will continue to operate with its existing investment objective and policy.
He had run the portfolio for some seven years, having assumed management of it in December 2009.
In addition to his new role as manager, Mr Meier will remain a member of the firm's UK Alpha team and contribute to the UK equities desk's investment process.
Mr Meier has worked at Old Mutual Global Investors (OMGI) since 2013, serving as a research analyst and portfolio manager.
OMGI chief executive Richard Buxton said: "We recognise the important role that UK equity income funds can play in many investors’ portfolios and are committed to building a leading capability in this area.
"We believe that under Ed’s management there is a significant opportunity for us to attract further investment to the fund, which is in a sector dominated by a small number of asset managers.”
According to FE Analytics the fund has performed well over five years, returning 84.4 per cent versus 68.1 per cent from its IA UK Equity Income peer group.
However it has fared less well in the shorter term, returning 19.9 per cent over three years against 20.8 per cent from the peer group.
Over one year the fund has returned 8.6 per cent, compared with a sector average return of 9.4 per cent.