Terry Smith to step down from Collins Stewart post

City veteran Terry Smith will step down as deputy chairman of Collins Stewart in December.

Smith, the Tullett Prebon CEO, is retiring from the group to prepare for the upcoming launch of his own fund management firm, Fundsmith. "I have enjoyed my 18 years at Collins Stewart. However, all good things must come to an end and I will now focus on Tullett Prebon and new challenges, in particular my new fund management venture Fundsmith," Smith says. "I wish Tim (Ingram) and the management and staff of Collins Stewart well and hope to see the business continue to succeed in the years to come."