Stefan Isaacs is taking over from Jim Leaviss as lead manager of the £1bn M&G High Yield Corporate Bond fund from 1 October.
M&G is launching what it believes to be the first inflation-linked corporate bond fund aimed at retail investors in the UK.
British corporate bonds beat global counterparts last month as investors gained confidence in the UK's economic recovery.
BlackRock has made changes to its fund range including the planned closure of its Japan vehicle and alterations to the investment strategy and name of its High Income Bond portfolio.
The manager of Aviva's £1.6bn Corporate Bond fund has been reducing risk in the portfolio in the view bond markets will be affected by ongoing macroeconomic uncertainty.