Shuttleworth was latterly head of sterling fixed income and started at Merrill Lynch Investment Managers, which later merged with BlackRock, in 2000.
He previously worked at Legal & General, where he managed the L&G Fixed Interest trust from 1995.
Simon Blundell, who joined BlackRock from Aviva Investors last month, will take over running the £115m Corporate Bond fund.
He previously held the role of institutional credit portfolio management at Aviva and has over 17 years of investment experience.
Shuttleworth ran the Corporate Bond fund from August 2004 and April 2007 and then again from November 2010 after Daniel McKernan left BlackRock for SWIP.
In the three years to 31 August, the fund returned 26%, compared to a sector average of 19.1%. It has achieved top quartile returns over one, three and five years.
The position as head of sterling fixed income will be taken on by Ian Winship, who manages BlackRock’s new Absolute Return Fund.
He will also play a supervisory role to Blundell’s management of the Corporate Bond Fund.
