T Bailey has renamed its Cautious Managed Fund following the launch last month of Defensive Cautious Managed Fund.

The fund will be renamed as the T Bailey Dynamic Cautious Managed Fund from 1 October 2010 and will be solely-managed by Elliot Farley, who was previously co-manager.

Farley was named manager on the new fund, having previously been co-manager on the firms Growth and Balanced Growth funds.

Jason Britton, chief investment officer at T Bailey, said Farley had been 'instrumental' in refining and improving the investment process for the cautious managed funds.

He said, 'The benefits have shown in recent performance and, whilst these funds are different, Elliot’s promotion to lead manager of both highlights the consistency in investment philosophy behind them.

'Multi-asset investing has become a popular strategy for advisers and their clients and these funds demonstrate our commitment to this area.'

The renaming of the fund is subject to unitholder approval.

Manager Farley said the name change would help advisers and investors distinguish between the two funds.

He added, 'The IMA Cautious Managed Sector includes such a broad range of funds that it can be difficult to identify those that are best suited for clients.

'"Cautious" is no longer sufficient shorthand for defining a fund’s investment philosophy. Our "Defensive Cautious" and "Dynamic Cautious" tags give investors a better idea of where each fund stands on the caution spectrum.'