The asset manager is proposing to rebrand the range as the Old Mutual Creation portfolios, with manager Anthony Gillham receiving "greater flexibility and additional tools" to meet the vehicles' objectives.
The portfolios will continue to target capital growth, with their range of possible holdings widened to include directly invested equity and fixed income positions.
An existing objective, specifying that the portfolios are predominantly invested in other funds, is to be removed.
Meanwhile, investments in other collective vehicles will be confined to "a select group of third-party investment manager partners and the best OMGI funds".
The changes, due to take place in July subject to approval, will also give Mr Gillham the freedom to use derivatives for investment purposes.
The move follows a similar revamp made to the Old Mutual Generation range, also run by Mr Gillham, in October 2015, that opened the door to more direct investing.
OMGI has also proposed to merge the Spectrum 5 and Spectrum 8 vehicles into other products within the range which have similar approaches.
Meanwhile another portfolio, Old Mutual Creation Adventurous, is to be launched for clients at the higher end of the risk scale.
The Creation range will adopt a fixed ongoing charge to "provide greater certainty to clients over the ongoing costs associated with investing in the portfolios". The firm said this will be lower than current ongoing charges.
It follows a recent decision by OMGI to introduce this fee structure for its Cirilium funds, citing an increased focus on charges from the likes of the FCA.