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Leaviss switches funds at M&G

Jim Leaviss, the head of retail fixed income at M&G Investments, is to hand his high-yield corporate bond fund to Stefan Isaacs to focus on M&G’s new UK inflation-linked corporate bond fund.

Isaacs has managed M&G’s European high-yield bond fund for more than three years. Leaviss will become his deputy manager and co-run the new vehicle with Ben Lord.

The UK inflation-linked corporate bond fund will invest in blue chip inflation-linked corporate bonds, floating rate notes and government securities and derivatives which offer similar returns to index-linked debt.

The fund will launch on September 16 and will target a higher return than the consumer price index.

Leaviss says M&G still anticipates a “disinflationary environment”, but has launched the fund to answer investors’ fears about inflation.

M&G acknowledges the inflation-linked corporate bond market is only £11 billion in size, but expects this number to grow if high inflation creeps back.

The annual management charge on the fund is 1 per cent. The initial charge is 3 per cent.

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