You should only ever manipulate system catalogs directly, if you know exactly what you are doing. It may have unexpected side effects. Or you can corrupt the database (or the whole database cluster) beyond repair.
@Jeremy's answer, while basically doing the trick, is not advisable for the general public. It unconditionally changes all functions in a schema. Are you sure there are no system functions affected or functions installed by an additional module?
It would also be pointless to change the owner of functions that already belong to the future owner.
In short, try this instead:
SELECT string_agg('ALTER FUNCTION '
|| quote_ident(n.nspname) || '.'
|| quote_ident(p.proname) || '('
|| pg_catalog.pg_get_function_identity_arguments(p.oid)
|| ') OWNER TO foo;'
, E'\n') AS _sql
FROM pg_catalog.pg_proc p
JOIN pg_catalog.pg_namespace n ON n.oid = p.pronamespace
WHERE n.nspname = 'public';
-- AND p.relowner <> (SELECT oid FROM pg_roles WHERE rolname = 'foo')
-- AND p.proname ~~ 'f_%'
This generates the canonical SQL commands ALTER FUNCTION ... to change all functions (in the specified schema). You can inspect the commands before executing them - one by one or all at once:
ALTER FUNCTION public.bar(text, text) OWNER TO foo;
ALTER FUNCTION public.foo(x integer) OWNER TO foo;
...
I included some commented WHERE clauses you might want to use to filter the results.
The aggregate function string_agg() requires PostgreSQL 9.0 or later. In older version substitute with array_agg() and array_to_string().
You could put all of this into a function like I demonstrate in this related answer.