Chris Higham, joint manager of the £55m Old Mutual Dynamic Bond fund, is to rejoin Morley, a group he left in June 2005.
Higham will take up a post at the firm in November to work with Roger Webb and Dominic White, although Morley has not yet designated any funds for him to run.
Morley says it is consulting with its main retail clients to decide which funds Higham will run. An announcement is expected within the next few weeks.
At Old Mutual Asset Management (Omam) Higham runs the Dynamic Bond fund alongside Andrew Tunks, head of fixed interest, who will now take over sole management of the fund.
Simon Wilson, head of marketing at Omam, says: “This is the key advantage of having joint managers on funds.” He adds that the group is already looking for a replacement for Higham, who was also deputy manager to Stephen Snowden on the £1 billion Omam Corporate Bond fund.
Higham first joined Morley in September 1999 as a credit analyst. In his new role he will be part of the credit portfolio managers’ team, which Webb took over in April after the departure of Mark Gull, a former bond manager.
Webb took over the management of the £460m Norwich Union Monthly Income Plus fund following Gull’s departure. At the same time White took responsibility for managing the £165m Sustainable Future Corporate Bond fund.