Newton Investment Managers’ Richard Wilmot is taking the reins of the firm’s Higher Income fund leaving current manager Tineke Frikkee facing an uncertain future.

Frikkee (pictured) is in discussions about her future at the company after being taken off the fund which she has managed since 2004.

The news comes as the firm announces a raft of fund mergers, following a significant shift by investors away from UK equities.  

Simon Pryke, chief investment officer at Newton said: 'We believe that the UK equity team, under Richard’s leadership and working closely with our 17-strong global sector research analysts, will be well positioned to continue to successfully manage our UK equity portfolios going forward.'