In a managed information network, unavailable agents have a detrimental effect on user access to manageable entities. Intelligent, optimal assignment of manageable entities to available agents becomes a formidable task, particularly in a large storage area network. The task becomes especially complex when there are deployed agents of different types capable to manage a different scope of functionality of managed elements of the same type. A failover processor provides reliable, rule based methods for initial assignment of manageable entities (elements) to best available management agents, and a reliable, dynamic, rule based mechanism to reallocate manageable entities to a best management agent in case when current agent, responsible for element management, become unavailable or new best agent for element management starts up. A prioritized list of failover rules specifies metrics for determining alternate agents for manageable entities in the event agents become unavailable. A failover chain, or list of agent types, identifies preferential agent types to which the reassigned manageable entities correspond. Successive prioritization rules apply in the event that multiple candidate agents of the failover chain selection are available.