City veteran Terry Smith to launch fund group

Terry Smith, the Tullett Prebon CEO and deputy chairman of Collins Stewart, plans to launch his own fund group in the coming months.

The firm will be called Fundsmith and is currently awaiting approval from the FSA, according to weekend reports. Fundsmith will allow retail and institutional investors to invest alongside Smith, who is investing as much as £20m from his £60m fortune, the Telegraph suggests. Tullett chairman Keith Hamill is set to chair the new venture. The Guardian says Smith will use his personal profile to promote the firm and attract big-name fund managers and analysts. Smith will step down from his non-executive post at Collins Stewart, but is committed to his role at Tullett. He has a l...