Boutique fund management firm Majedie has hired former BlackRock equity manager Mark Wharrier to run their £931m Majedie UK Income fund.
The fund has returned 71 per cent over the past five years to 11 May, compared with 44 per cent for the average fund in the IA UK Equity Income sector in the same time period.
It has been managed by Chris Reid, who is leaving the company to pursue an academic course of study.
Mr Wharrier had worked at BlackRock for four years until last year, when he joined Troy Asset Management as an assistant fund manager.
At BlackRock he was jointly responsible for the management of the UK Income fund and the BlackRock Income and Growth investment trust.
Majedie has also hired Imran Sattar, who is also a former BlackRock employee. He will fill Mr Reid’s shoes as one of four co-managers on the £874m Majedie UK Focus fund.
That fund has returned 67 per cent over the past five years to 10 May, compared with 48 per cent for the average fund in the IA UK All Companies sector in the same time period.
Darius McDermott, managing director at Chelsea Financial Services said: "He is a solid UK Income manager, and he was building a good reputation at Blackrock. Then around a year ago he left to go to Troy so I am surprised to see him moving again so soon."
david.thorpe@ft.com
