New Star Investment Funds is launching a new high-yield bond fund that will mark its first foray into the fixed income market since it was set up more than two years ago.

James Gledhill, the highly experienced corporate bond fund manager who joined in May from Morley Fund Management, will run the new fund for the retail investment arm of New Star Asset Management. His appointment, in anticipation of the fund launch, sees him reunited with former M&G Group colleague Theodora Zemek, who joins in November as head of fixed income.