Tullett Prebon said it was currently engaged in a “well advanced” succession planning process and that Smith would step down as CEO once a successor has been appointed.
Fundsmith, for its part, confirmed that Smith’s intention is to focus on the asset management business he founded in 2010 and noted that the announcement coincided with the assets under management within the Fundsmith Equity Fund crossing the £2bn mark.
The group is also planning to launch a new emerging equities investment trust on June 25.
Yesterday, both the Financial Times and the Wall Street Journal reported that John Phizackerley, formerly of Nomura and Lehman Brothers had been linked to the role, according to people that were “familiar with the situation”, but, as yet, had made no comment.
The Financial Times also said the search for a successor was driven in part by a push by the Financial Conduct Authority for financial services companies to improve their succession plans.
