The changes, which take effect from 30 July, include:

- Boston-based Steve Gorman of Wellington Management will be appointed lead manager for the Alternative Assets Fund.

- Ken Hsia from Investec Asset Management will manage the Continental European fund and will co-manage the Greater European Progressive fund.

- The AXA Framlington Managed fund will be renamed the Balanced Managed fund. Ben Baker of GMO and Mark Baribeau of Jennison Associates will be responsible for its strategy.

- The team at Majedie Asset Management, managers of the UK & General Progressive and UK Growth funds, will be given additional flexibility to invest up to 20 per cent of its strategy in overseas equities.

- The Schroder Managed fund will be renamed the Managed Growth fund for life, pension and international products.