Old Mutual Asset Managers (OMAM) has recommended combining two income funds managed by Stephen Message, Financial Times reports. OMAM plans to merge the £24 million Old Mutual Extra Income Fund into the £34 million Old Mutual Equity Income fund.

The move comes as the Old Mutual Extra Income vehicle is too small to be sustainable independently and both the funds have similar investment policies and objectives. The merger, which is subject to approval from the U.K.’s Financial Services Authority and shareholders in the Extra Income vehicle, may take place at the end of February or beginning of March 2011.

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