Terry Smith names potential Fundsmith successor

Smith, 67, who has been chief executive of Fundsmith since he founded it in 2010, said the firm has made a number of new hires in recent years, some of whom are also showing the potential to become his successor. Speaking at the Fundsmith Equity AGM yesterday (3 March), Smith told investors that Robins is "the first line of defence in terms of succession". "One day [investors will] get a letter from me by email, which… I've already written," he explained. "I won't be a 'fellow investor' at the time that it reaches you [as I will] have moved into a different status. "[The letter]...