One of the UK's longest-serving fund managers Tony Yarrow, the founder of Wise Funds, has announced his retirement from the business at the end of June, a couple of months short of his 70th birthday. Yarrow’s career as an adviser and investor spans almost four decades of successful value-orientated investing. He will stay on as a trustee of the employee-owned company and remains an investor in both Wise Multi-Asset Growth and Wise Multi-Asset Income funds.
Yarrow commenced his career as a financial adviser in 1984, and began managing funds in 1988. He has been managing investment funds continuously since then. He founded Wise Investments in 1992 to help people manage their investments and then in 2004, he launched the first of the two multi-asset funds managed through their sister company, Wise Funds Ltd.
Yarrow’s seasoned co-portfolio managers at Wise Funds, Vincent Ropers and Philip Matthews, will continue to co-manage both funds as they have since joining in 2017 and 2018 respectively. Both managers share Yarrow's value-orientated style of investing and have worked on this transition since joining, thus, his succession will not impact how both funds are run.
Since launch, both funds have consistently outperformed the relative benchmarks and peer groups. £10,000 invested at launch would be worth c£41,000 in the Growth fund and c£25,000 in the Income fund on a total return basis*.
Commenting on Yarrow’s departure, co-portfolio manager and CEO of Wise Funds, Vincent Ropers said:
“Tony Yarrow will leave a legacy as one of the great multi-asset investors in the UK. During his long tenure on both Wise Multi-Asset Income and Wise Multi-Asset Growth funds, he has demonstrated the true value of long-term active management.
“For nearly four decades of investing he has passed through multiple global economic crises, while still managing to outperform relative benchmarks and delivering consistent long-term returns to clients. Both Philip and I have been privileged to work alongside Tony and learn from him over the past few years. Although we will both miss working with him on a day-to-day basis, we look forward to continuing to work with him as a trustee. His succession has long been planned and we are confident we are in a strong position to build on the track record of delivering strong risk-adjusted returns to clients.”
Tony Yarrow commented on his departure:
“We have been working on a succession plan for the last five years, with the appointment of first Vincent and then Philip, both of whom, as well as becoming fully conversant with our process have improved it with the knowledge and ideas they have brought to the team. I am lucky to be able to leave the funds I launched in 2004 (Growth) and 2005 (Income) in the hands of two such talented and experienced managers.
“Many different market conditions have come and gone in the years since 1984, but somehow, whatever changes, the financial markets always manage to remain inefficient. What changes is the form that inefficiency takes. More than ever before, investors need to be able to rely on excellent active managers who combine a rational, patient approach to investment with the tactical ability to see and take advantage of opportunities as they arise in the market, and with the courage to identify herd behaviour and avoid it. Vincent and Philip are two such managers and I wish them, and all our investors, every success for the future.’
*The data quoted is sourced from FE on a total return basis from the launch of each fund (’1 April 2004 for Wise Multi-Asset Growth and 3 October 2005 for Wise Multi-Asset Income) using its B share class to the 28th February 2021.
Full details of the TB Wise Funds, including risk warnings, are published in the TB Wise Funds Prospectus, the TB Wise Supplementary Information Document (SID) and the TB Wise Key Investor Information Documents (KIIDs) which are available on request and at wise-funds.co.uk/our-funds The TB Wise Funds are subject to normal stock market fluctuations and other risks inherent in such investments. The value of your investment and the income derived from it can go down as well as up, and you may not get back the money you invested. Capital appreciation in the early years will be adversely affected by the impact of initial charges and you should therefore regard your investment as medium-to-long term. Every effort is taken to ensure the accuracy of the data used in this document but no warranties are given. Wise Funds Limited is authorised and regulated by the Financial Conduct Authority, No768269. T. Bailey Fund Services Limited is authorised and regulated by the Financial Conduct Authority, No. 190293. Wise Funds is a trading brand of The Oak Investment Partnership.