Terry Smith confirms Tullett Prebon departure

Tullett Prebon has confirmed it is to replace Terry Smith as CEO once a "well advanced" succession planning process is finalised.

Smith (pictured), who has run the interdealer broker since spinning it off from Collins Stewart in 2006, will now concentrate on his asset management business, Fundsmith. His successor at Tullett is likely to be former Nomura Securities head John Phizackerley, according to press reports. Fundsmith, meanwhile, is in the process of launching an emerging market equity investment trust to stand alongside the £2bn global equity fund run by Smith. The manager’s Fundsmith Emerging Equities trust (FEET) is seeking to raise up to £250m during its offer period, which runs from this week unti...