Update: Frikkee to join Smith & Williamson
Tineke Frikkee is to exit BNY Mellon and join Smith & Williamson Investment Management in July to run its UK Equity Income Trust.
Frikkee (pictured), manager of the Newton Higher Income fund until the end of December, enjoyed a spell as one of the most popular equity income fund managers.
At Smith & Williamson, Frikkee will run the UK Equity Income Trust alongside Mark Swain.
The trust has enjoyed a decent year, just beating peers in the UK Investment Management Association UK Equity Income sector with a return of 26% compared to the sector average of 25.7%.
However, it has yet to grow substantially, with just £9m in assets, and S&W will be hoping the big name hire can help the fund get some traction with advisers.
The hire of Frikkee follows the departure of Charles Deptford earlier this year.
Frikkee enjoyed a successful spell at BNY but then endured a period of underperformance after a huge bet on BP went sour following the oil major’s Gulf of Mexico disaster.
Smith & Williamson has already expanded its team recently, with Mark Boucher rejoining as head of UK equities earlier this year, as well as taking up the position of lead manager of UK Equity Growth Trust and co-manager of the Enterprise Fund with Rupert Fleming.
Nick Hodgson, partner, head of Marketing & Sales commented: “The appointment of Tineke is a strong signal to the market of our intention to build up our franchise in the UK equity income space.
“It is clear that the demand for equity income will not diminish in the current climate, and this view is supported by the recent IMA industry sales data. We are confident that someone with the calibre and track record of Tineke will put us in a strong position to build our assets in this area.”
This article was first published on Investment Week