Old Mutual Global Investors has recast its Skandia US All Cap Value Fund as the Old Mutual US Dividend Fund following the merger of the Skandia US Value Fund into the Skandia US All Cap Value Fund and a change to the fund’s investment strategy.

The new investment approach seeks asset growth by concentrating on holding large-cap US stocks which have dividend characteristics and which appear to be undervalued relative to their market value, Old Mutual Global Investors said in a statement.

Due to the restructure, the fund had assets under management of about $210 million.  The fund is managed by US value fund manager Barrow, Hanley, Mewhinney & Strauss, an affiliate of the Old Mutual Group.

Lead portfolio manager of the fund is Ray Nixon. He joined the firm in 1994 from Smith Barney, where he was a member of the investment policy committee. He is supported by assistant portfolio managers Lewis Ropp and Brian Quinn.