BlackRock has poached boutique investment firm NewSmith’s Mark Wharrier as co-manager for its £604 million UK Income fund.
Wharrier will co-manage the struggling BlackRock Income fund with Adam Avigdori from September 2013.
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Avigdori, who joined the fund in 2008, has been managing the fund on his own since the departure of former co-manager Nick Mcleod-Clarke.
At NewSmith, Wharrier has led NewSmith’s UK Hedge Fund and UK Equity Fund with Steve Thompson.
Avigdori has been dogged by poor performance since taking over the portfolio in 2009, with assets under management falling from £736 million in January 2012 to today’s total.
The fund has returned just 8.22% over one year, placing it fourth quartile against the peer group’s average return of 20.54%.
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