Terry Smith

For failing to transfer cash in timely manner

Profits up 19% in year to March 2015

Peter Hargreaves and Stephen Lansdown have dropped down the annual Rich List rankings after a tough 2014 for Hargreaves Lansdown shares.

Terry Smith, manager of the Fundsmith Emerging Equities trust, has said he expects global growth to accelerate following the fall in the price of crude oil.

This year has been a difficult one for many active funds, but, as ever, a select group of portfolios continue to be backed en masse by buyers looking to deliver outperformance for clients.

Terry Smith's Fundsmith Emerging Equities trust invested just 15% of its portfolio in the five weeks since listing, as the manager takes a cautious approach to his first foray into emerging market investment.

The Fundsmith Emerging Equities trust will list on the London Stock Exchange tomorrow after raising £193m in its offer period.

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

Fundsmith founder and City financier Terry Smith is planning to launch an investment trust focusing on emerging markets.

Terry Smith, manager of the Fundsmith Equity fund, has shared his surprise at the outperformance of the portfolio in 2012, saying he did not expect the fund to do so well in markets that have been flooded with liquidity by central banks.