Terry Smith hands over day-to-day running of FEET trust to manager duo

Michael O'Brien and Sandip Patodia taking over

The board of the Fundsmith Emerging Equities Trust (FEET) has announced that Terry Smith will be handing over the day-to-day management of the trust to Michael O'Brien and Sandip Patodia.

The duo, who joined Fundsmith ahead of the launch of the trust in 2014 and have been at the core of the management team of the vehicle, will take over the trust as portfolio manager and assistant portfolio manager, respectively, as of 31 May. The board said Smith will provide advice and support to the pair in his capacity as chief investment officer. Jonathan Imlah and Tom Boles will continue to assist as research analysts. Additionally, the board is also set to announce at the AGM later today that the annual management fee on the trust will go down from 1.25% to 1%, also with effect ...