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Frikkee's departure follows a three-and-a-half-year stint with Smith & Willimson, which she joined from Newton, after being replaced as manager on the giant Newton Higher Income fund, now renamed Newton UK Income .
Frikkee managed that fund for eight years, growing its size from £600 million to £2.4 billion as investors were drawn to her strict yield discipline of only buying stocks with 115% of the market yield, and selling once their yield was in line with the market.
Performance had however deteriorated towards the end of her time at Newton, and the Smith & Williamson UK Equity Income fund has trailed peers over the last three years, delivering 20% versus a sector average 29%.
Swain has served as Frikkee's co-manager on the fund since she joined, and has been a manager of the UK Equity Income fund since 2010.
He also runs the group's 'absolute return' fund, Smith & Williamson Enterprise, which aims to deliver positive returns irrespective of market conditions, with Mark Boucher and Rupert Fleming. The fund has returned 38% over five years, placing it mid table in Citywire's Long/Short Equity sector.
Smith & Williamson head of funds Ed Rosengarten said: 'Mark Swain is an integral part of the team that has delivered long-term positive performance for our Enterprise Fund and I am delighted that he will become lead manager on our UK Equity Income fund.
Anderson will meanwhile retire next week after more than 30 years as a fund manager. He joined Smith & Williamson in 2014, having previously run bond funds at JPMorgan and Gartmore.
Over three years his Fixed Interest fund has returned 10% versus an average of 14.9% in the peer group.
Kenny, who has worked at Smith & Williamson for his entire 21-year career, is currently lead manager of the group's Short-Dated Corporate Bond fund.