The group also revealed that John Anderson, who is retiring as of the 1 February, will be replaced on the fixed interest fund by the firm’s head of fixed interest Ian Kenny.
Kenny, who has worked at Smith & Williamson for his entire 21-year career, is currently lead manager of the firm’s flagship £391 million Short-Dated Corporate Bond fund.
Both fund manager changes are effective from 1 February 2018.
S&W 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.
'I am also pleased to announce that Ian Kenny, a seasoned fixed-income investor, will take on the management of our fixed interest fund. We wish Tineke and John all the best for the future.'
Over the past three years to the end of December, Frikkee has trailed her peer group returning 20.4% versus a sector average of 29% in the UK equity income sector.
Frikkee joined the firm in 2013 from Newton, where she ran the giant Newton Higher Income fund from April 2004 to December 2012.
Meanwhile Anderson, who joined the firm in 2014 after spells with JP Morgan and Gartmore, has returned 10.1% on his Smith & Williamson Fixed Interest fund over the last three years versus an average of 14.9% in the peer group.