Richard Hodges of Legal & General Investment Management is taking on the management of three additional fixed income funds, replacing Michel Canoy who will be leaving the company at the end of January 2014.

Richard Hodges of Legal & General Investment Management is taking on the management of three additional fixed income funds, replacing Michel Canoy who will be leaving the company at the end of January 2014.

According to a statement from the firm, Canoy departs L&G to pursue other business opportunities.

His replacement, Hodges, already manages the firm’s Dynamic Bond Trust, and now adds the Legal & General Fixed Interest Trust, Legal & General Managed Monthly Income Trust and the Legal & General Sterling Income Fund to his responsibilities.

“Next year should be an interesting time for investment grade corporate bonds. Economic growth looks positive, so I expect the future path of US and UK interest rates to be a key driver of returns in 2014 and beyond. At the moment I have a strong conviction for assets with less interest rate sensitivity and am actively managing interest rate risk – a theme that is reflected across all our retail funds,” said Hodges, when commenting on his strategy for the funds.

The current team-based investment processes, which is supported by more than 70 fixed income professionals, will not be changed, the firm said in the statement.

London-headquartered LGIM manages £443 billion ($723.8 billion) in assets for more than 3,000 clients, as at 30 September 2013.