CITY fund manager Terry Smith, the outspoken chief executive of Tullett Prebon, yesterday saw his new investment trust raise over £190m.
Fundsmith Emerging Equities Trust, which will buy stock in companies based in emerging markets like China and Brazil, raised £192.9m in total. Shares start trading tomorrow.
The launch builds on Smith’s other fund, the Fundsmith Equity Fund, which has outperformed many of its peers over the past three years and manages about £2bn.
The trust, which will trade under the stock market ticker FEET, was priced at 1,000p a share with the books run by bankers from Investec.
Smith is due to leave his role at Tullett Prebon at the end of this month to dedicate his time running the emerging market trust, which will own up to 55 different stocks from emerging market indices.
He became chief executive of the group after the demerger of Collins Stewart, where he was chief executive, from Tullett Prebon. Smith founded Fundsmith in 2010 after a long career as a broking executive. He made his reputation as an outspoken analyst and was dismissed from UBS Phillips & Drew in 1992 for writing a book lifting the lid on accounting.