Kevin Lilley, the manager of Old Mutual Global Investors' (OMGI) large-cap European equity portfolios, is leaving the fund house as it seeks to "revisit" how it meets client needs within the range.
Mr Lilley, who joined the fund house in late 2011 from Royal London Asset Management, served as the sole manager on OMGI's £102m European Equity (ex UK) and €36m European Equity products.
Ian Ormiston, who joined from Ignis in 2007, will now oversee both funds, while Liam Nunn will also work as a manager on the former vehicle.
Mr Nunn will continue to report to Mr Ormiston and the pair will continue working together on the Old Mutual Europe (ex UK) Smaller Companies fund.
The reshuffle follows a difficult few years for the European Equity (ex UK) fund, which has been managed by Mr Lilley since December 2011.
According to FE Analytics the portfolio has lagged its IA Europe excluding UK peer group average on a one, three and five-year basis.
Over five years it returned 69.3 per cent, compared with 77.8 per cent from the average fund in that sector.
Richard Buxton, OMGI's head of UK and European equities, said: "Against the backdrop of political uncertainties in Europe, we believe that this is an opportune time to revisit how we can best serve the needs of European equity investors, an important area of the market to which we are firmly committed.
"We are confident that Ian and Liam’s fundamental-driven approach has the potential to continue to serve investors well."
