AXA Investment Managers has confirmed that Nick Hayes will take over management of the AXA Sterling Corporate Bond Fund from Theodora Zemek.

Hayes, senior portfolio manager at AXA, has managed the AXA Sterling Strategic Bond Fund since he joined the group in June 2010 from New Star.

In the past year, he has matched his benchmark, returning 12.75 per cent against ML Sterling Broad Market's 12.96 per cent.

According to a statement from the group, Zemek, global head of fixed income and a member of AXA's board, will step down to focus on her management responsibilities.

Julie Lamirel, who assisted Zamek on the Corporate Bond fund, will continue to support Hayes. He will also have access to up to 50 analysts in the running of the fund.

Zamek, also formerly of New Star, had managed the fund since 2008. Over three years, it has returned 23.31 per cent against an IMA Sterling Corporate Bond sector average of 29.68 per cent.

Commenting on the market outlook, Hayes said, 'In a fragile macro environment and with expectations that interest rates stay low for a long period of time, investment grade credit will provide attractive opportunities, particularly at the moment with credit spreads at attractive levels.'