M&G Investments has confirmed James Tomlins as the manager of its European High Yield Bond Fund, a move that has been planned since he joined the group in June.

On 1 December, Tomlins replaced Stefan Isaacs who had been managing the £77 million fund, with Isaacs set to continue as deputy manager.

Tomlins has also been appointed deputy manager of M&G's £1.1 billion High Yield Corporate Bond Fund, managed by Isaacs.

In a statement from the group it was confirmed that he will continue to report to Isaacs as the pair collaborate on management of the funds.

Before joining M&G in June this year, Tomlins was deputy manager of the Cazenove Strategic Bond Fund and has previously worked for Merrill Lynch Investment Managers and KBC.

Jim Leaviss, head of M&G retail fixed interest, said, 'Since James joined M&G in June 2011, he has brought extensive experience of investment in European credit, particularly in the high yield market.

'He’s helped execute high yield ideas across the fixed interest fund range and investors will benefit from his depth of relevant experience.'

The European High Yield Bond Fund, which launched in 1999, is currently yielding 8.29 per cent. It has been a strong performer over ten years, returning 86.34 per cent against a sector average of 56.36 per cent.

However, the fund has struggled in the past six months, having returned -12.27 per cent compared with a sector average of 0.27 per cent.