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.