The new portfolio, the Old Mutual Creation Adventurous Portfolio, will launch on 3 July aimed at clients looking for a higher level of risk.
Fees will be cut in the shake-up of the funds and the renamed portfolios will be ranked by risk following demand from clients for “outcome-orientated solutions”.
Portfolio manager Anthony Gillham will also have more flexibility to invest in direct equity and fixed income to help boost capital growth.
He said: “In pursuit of our aim to offer a varied suite of solutions that meets investor needs, we have worked closely with our clients and financial advisers to ensure our multi-asset range is aligned with investor expectations.
“We are excited to unveil the Old Mutual Creation Portfolios, believing this change will not only benefit existing clients, but also enhance and simplify our entire suite of multi-asset accumulation solutions.”
The Spectrum 3 fund will become the Creation Conservative Portfolio; Spectrum 4 the Creation Balanced Portfolio; Spectrum 5 and 6 will be merged to create the Creation Moderate Portfolio, and Spectrum 7 and 8 merged into the Creation Dynamic Portfolio.
The changes come into effect from 1 July 2017.
