Terry Smith confirms Tullett Prebon departure

Smith (pictured), who has run the interdealer broker since spinning it off from Collins Stewart in 2006, will concentrate on 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 until 20 June.