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In line with the move, Leaviss will be handing responsibility for the M&G High Interest fund to Ben Lord with effect from 1 February 2009. Knee will remain at the firm to manage fixed income mandate for M&G's parent Prudential.
Lord, who joined M&G in 2007 as a portfolio manager within the retail fixed interest team, will work alongside Leaviss on the management of the fund until the handover is complete.
Commenting on the appointment Leaviss said: 'Ben has been working very closely with me across a variety of funds, as well as with Richard Woolnough on his corporate bond funds. He has been a real asset to the team during a very difficult period in the bond market. I believe his experience of the financials sector makes him the ideal candidate to take over responsibility for the M&G High Interest fund.'
Knee's departure follows his decision to take up a new role within another part of the Prudential Group.