High yield or ‘junk' bonds have seen a surge of investor interest, pushing prices to the levels seen before the credit crunch.
iShares has launched the first ETF providing liquid exposure to the European high yield debt market.
Stefan Isaacs is taking over from Jim Leaviss as lead manager of the £1bn M&G High Yield Corporate Bond fund from 1 October.
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.