UK equity manager Mark Wharrier has quit Stephen Zimmerman’s NewSmith Capital Partners to return to his old stamping ground.
The team played a key role in driving NewSmith’s growth and currently manages £1 billion. Sumitomo Trust and Banking of Japan purchased a 40% stake in New Smith in 2011.
Wharrier has decided to return to MLIM’s owner BlackRock to handle retail funds.
Two sources familiar with the situation confirmed BlackRock has agreed to appoint Wharrier co-manager of its UK equity income fund alongside Adam Avigdori.
Nick McLeod-Clarke, former co-manager of the income fund, took long-term leave from BlackRock in April to recover from ill-health. BlackRock expects him to return in the Autumn to resume control of his institutional business.
Following Wharrier’s departure, NewSmith will make increased use of the services of one of its equity managers William Piercey, best known for his skill in assessing the merits of branded consumer stocks.
