The reaction of [Ir2Rhz(CO)lz] with 1 mol-equiv. of PPh; yields [Ir,Rh,(CO),,PPh,] (1) as a mixture of two isomers with the phosphine ligand axially bound either to one basal Rh-atom in the kinetically preferred isomer 1R or to one basal Ir-atom in the thermodynamically preferred isomer 11. Both isomers are fluxional on the "C-NMR time scale at low temperature due to CO scrambling. Around room temperature, a new type of fluxional process starts to operate which is responsible for the isomerisation 1R F=? 11, i.r. the intramolecular migration of the reputedly inert PPh, ligand from one metal centre to another. The activation volumes ofconversions 1R + 11 and 11 + 1R are both positive, indicating that the migration of PPh, is dissociative in character. This article reports the first application of variable pressure 3'P-NMR to mechanistic studies. We report here on a new type of intramolecular rearrangement, distinct from CO scrambling, which was identified by a variable-temperature and variable-pressure "P-NMR study of the cluster compound [Ir2Rh,(CO),,PPh,] (1).