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.