Tullett Prebon is understood to be in advanced talks with a successor to chief executive Terry Smith.
Smith (pictured) is expected to step down from interdealer broker at the end of the year, the Financial Times reported, to focus on his asset management company Fundsmith. He has headed the compant for eight years after it spun out from Collins Stewart in 2006.
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.
The news comes as Smith prepares to raise up to £250 million for the launch an emerging markets trust, as revealed by Wealth Manager last week.