BlackRock is set to make a number of changes to its High Income Bond Fund, including the renaming of the fund.

The fund will be renamed as the BlackRock Corporate Bond Fund and will also witness amendments made to the investment objective and policy.

Tony Stenning, managing director at BlackRock Investment Funds, said the frequency of income payments would be changed to quarterly, in line with peer funds.

He said the changes would better reflect the the fund's position in the market sector in which it operates, the fund is currently located in the IMA Sterling Corporate Bond sector.

The fund will continue to invest in corporate bonds, but the objective will be changed to emphasise its provision of total return rather than income alone. It will also be allowed to invest in outside of sterling and euro denominated bonds, but these shall typically be hedged back to sterling.

Stenning said, 'None of these changes will affect the way the Fund is managed, but the amendment to the investment objective and policy and the change in frequency of income allocations require the approval of unitholders.'

He added, 'We believe that there is great demand for funds investing in Sterling corporate bonds and that this fund can fulfil that demand if its name and investment objective and policy better reflect the nature of the fund.'

If approved by investors, the changes could be made as early as 17 September.