Majedie announced today Wharrier (pictured) will replace Chris Reid, current lead manager of the UK Income fund. Reid, who has been with the firm 10 years, leaves at the end of June to pursue a Masters in Finance.
Wharrier will run the fund alongside existing co-manager Yuri Khodjamirian. Majedie has also appointed Wharrier’s former Blackrock colleague Imran Sattar as a fund manager on its UK equities team.
Surprise move
Architas’ investment director Adrian Lowcock said Wharrier’s move would be frustrating for Troy Asset Management, which are “now back to where they were last year”.
Darius McDermott, managing director at Chelsea Financial Services, said he was surprised to see Wharrier moving again so soon.
In October last year, Wharrier moved to Troy and as assistant manager on the Trojan Income Fund, alongside Francis Brooke and Hugo Ure. He joined from Blackrock where he managed the firm’s UK Income fund.
Tilney managing director Jason Hollands said great play was made of the fact Brooke had known Wharrier for a long time, when he first joined Troy.
Hollands said at Majedie Wharrier assumes the lead role on the £931m fund and therefore likely thought it “an opportunity that was too good to pass by”. At Troy, he was part of a team of three.
McDermott described Wharrier as a solid UK income manager who had built a good reputation at Blackrock. Morningstar downgraded the Blackrock UK Income Fund on his exit, describing it as a “notable loss”.
A spokesperson at Troy said the Trojan Income Fund will continue to be run by lead-manager Brooke who launched the fund in 2004, and assistant manager Ure, who has been with the firm nine years.
The Troy Income fund has underperformed the IA UK Equity Income sector over one-year delivering -0.2% versus 4.7%. Over three years, it returned 17.2% compared with 19.3% for the sector.
Lowcock added: “However, the short stint of Mark Wharrier’s at Troy is unlikely to have a significant impact as Francis Brooke is still there running the fund and he wasn’t there long enough to have too big an impact.”
Win for Majedie
Lowcock said the appointment was good news for Majedie and Wharrier was “an experienced and capable manager” to take Reid’s place.
McDermott said the Majedie UK Income fund would be one he follows but “not one for the buy list straight away”.
The fund has returned 13.9% over one year, compared to 4.7% in the UK Equity Income sector. Over three years it has 21.2% compared to 19.3% in the sector.
CEO of Majedie Rob Harris said Wharrier’s and Satter’s track records “speak for themselves”.
Harris said: “We have known them both for over 20 years, having worked together on Mercury’s Alpha team, and are very excited to be joining forces once again. They will fit in extremely well at Majedie.”
At Blackrock, Satter was managing director and UK equity fund manager. He will co-manage Majedie’s UK focus fund, alongside existing managers James de Uphaugh, Chris Field and Matthew Smith.
Harris added: “It should go without saying that we wish Chris the very best for the next stage of his academic journey and future career.”
