Mark Wharrier Quits BlackRock UK Income Fund for Troy

BlackRock UK Income fund manager Mark Wharrier has resigned, leaving Adam Avigdori and David Goldman to co-manage the fund. What is the analyst view?

Emma Wall 5 July, 2017 | 11:29AM
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Emma Wall: Hello, and welcome to Morningstar. I'm Emma Wall and I'm joined today by Morningstar Analyst, Pete Brunt, to discuss Mark Wharrier's exit from BlackRock.

Hi, Pete.

Peter Brunt: Hi, Emma.

Wall: So, what do we know this morning?

Brunt: So, today it's been released that Mark Wharrier has left BlackRock. He was one of three managers on the BlackRock UK Income Fund. They also run a closed-end vehicle that we don't rate. The UK Income Fund was Bronze-rated. He has left to join Troy Asset Management we now know to work alongside Francis Brooke.

Wall: And who are the two other co-managers that he was running the BlackRock UK Income Fund with?

Brunt: So, he worked alongside a gentleman called Adam Avigdori and another called David Goldman. Both BlackRock lifers have spent all of their career there. Adam has been on the fund for – well, since 2009, so for quite some time, always as a co-manager originally with Nick McLeod-Clarke until he stepped back off the fund and then in its current form in a collegial approach alongside Mark Wharrier and David Goldman.

Wall: Now, Mark was the lead portfolio manager on this fund. So, I presume there's an impact on the rating?

Brunt: So, they ran it in a collegial fashion with the three of them all contributing ideas to the portfolio, but Mark was the senior team member and he did have the final say if there were any disagreements on stocks going into the portfolio. So, we do see this as a material change.

Wall: And what is the analyst reaction to this? I believe you will bring the fund Under Review?

Brunt: So, I've just put the fund Under Review and that's pending a rating committee with the rest of our team.

Wall: Pete, thank you very much.

Brunt: You're welcome.

Wall: This is Emma Wall for Morningstar. Thank you for watching.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
BlackRock UK Income A Acc2,071.99 GBP-0.81Rating

About Author

Emma Wall  is former Senior International Editor for Morningstar

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