Terry Smith is to step down as Tullett Prebon CEO to focus on Fundsmith, which has now reached the £2 billion in assets under management milestone.
Smith (pictured) has headed Tullett Prebon for eight years following its spin out from Collins Stewart.
Fundsmith confirmed Smith’s intention to quit his City role at the broker and pointed to the timing of the news with Fundsmith going from strength to strength.
The group said that since launch in 2010, the group’s global mandate, Fundsmith Equity has returned 70.7% compared to a sector average of 38%, ranking it 4/217 in the IMA’s Global sector.
The boutique is also looking to raise a further £250 million for the Fundsmith Emerging Equity Trust.
According to the Financial Times, Tullett Prebon is in advanced talks with John Phizackerley, a former Nomura and Lehman Brothers executive, to lead the group.