In his new capacity Tomlins will focus on stock selection for the £1.3 billion fund.
'The M&G High Yield Corporate Bond fund has evolved into a global proposition, requiring greater investment resource to cover the larger investable universe.' Jim Leaviss, head of retail fixed interest at M&G Investments, said.
'James will largely be responsible for bottom-up stock selection, while Stefan will largely be responsible for duration strategy and regional asset allocation.'
Tomlins joined M&G in 2011 and became manager of the M&G European High Yield Bond fund and deputy manager of M&G High Yield Corporate Bond fund later that year. He previously worked at Cazenove Capital Management.