BlackRock has hired NewSmith’s Mark Wharrier to work with Adam Avigdori on the £583m BlackRock UK Income fund.
Wharrier, who joins BlackRock in mid-September, is a co-manager of the flagship NewSmith UK Hedge fund, which invests in the FTSE 350.
He is also co-manager on the NewSmith UK Equity fund, which is a Ucits IV vehicle.
Avigdori, who has worked as co-manager on the BlackRock UK Income since 2009, has experienced poor performance with the fund, which is fourth quartile in the IMA UK Equity Income sector over three years to 19 August 2013.
The fund has returned just 8.22 per cent over one year, placing it fourth quartile against the peer group’s average return of 20.54 per cent.
It also made a 2.70 per cent loss over the past three months, underperforming the slight average gain seen in the sector.
BlackRock UK Income’s cumulative performance to 19 August 2013
|BlackRock UK Income||-2.70%||2.27%||8.22%||23.81%||51.62%|
|97 / 99||95 / 97||95 / 96||87 / 88||41 / 72|
Source: FE Analytics