As part of the group’s succession plans for Milford, 63, Deane Donnigan will assume sole responsibility for the £403m Health fund. Gareth Powell will become lead manager of the £29m Biotech fund. Under this plan, Donnigan and Powell became co-managers of the two funds at the start of last year.However, Milford (pictured) has no plans to retire in the near future, according to Nick Hodgson, group sales and marketing director at Framlington. Neither are any changes expected to the funds as a result of Milford’s reduced role. Under the new set-up, Milford will now spend on average only three days a week in the office compared with four at present. Hodgson says: “Antony will still remain a very active member of the team and have a large input into the stocks that go into the funds. He will also continue his company visits to America.” Milford, who joined the group in 1971, has managed the Health fund since its launch in 1988 and the Biotech fund since its launch in November 2001. He has also relinquished his role as lead manager of the FIP Health fund, a Luxembourg-registered Sicav. Caspar Rock, currently a co-manager, will take over.