Portfolio Adviser can reveal sales director Conrad Rey, head of high net worth and international business, Greville Ward and research analyst Daniel Washburn are set to be promoted, subject to Financial Conduct Authority (FCA) approval.
Smith (pictured), chief executive and CIO, said he was pleased to welcome the trio as partners.
“All three have been with Fundsmith since inception and are core members of our team, having made significant contributions to the firm’s development.
“It is therefore appropriate that they should share directly in it, further aligning their interests with the success of the firm and our funds.”
Founding partners firmly in place
Although Smith reached official retirement age in May, he quashed any suggestion the promotions indicate he will be stepping back from the business.
“My existing fellow partners and I remain firmly in place and are delighted to expand our partnership,” he said in a statement.
“This is an important step in the development of Fundsmith, and one which will be followed by further initiatives to broaden and strengthen the firm as we seek to ensure we continue to provide a worthwhile service to our investors for a long time to come.”
The trio joins the firm’s four-strong founding partnership, which alongside Smith includes chief operating officer Mark Laurence, chief financial officer Simon Godwin and head of research Julian Robins.
The flagship Fundsmith Equity fund manages £16.2bn in assets, while the company also manages the £128.6m Fundsmith Sustainable Equity fund, which launched in November 2017, and the £323m Fundsmith Emerging Markets Trust, which published its H1 results this week.
Fundsmith’s most recent financial statements, published in January, revealed turnover almost doubled from £41.6m in 2015/16 to £81.7m reported in 2016/17.
Despite Smith being the face of the company, it markets itself as structured to survive his demise.
