STOCKBROKING veteran Terry Smith is expected to step down from Collins Stewart within the next few months to concentrate on launching an asset management business.
The venture, entitled Fundsmith, will give both high street and professional investors the opportunity to invest alongside Smith. The tough-talking former analyst has ploughed several millions of pounds from his £60m fortune into the project.
Fundsmith will be structured as a partnership and was incorporated in April, according to Companies House. Keith Hamill, the one-time chairman of clothing outlet Moss Bros and low-cost airline Go, is listed as a director.
It is not known whether Fundsmith will offer customers mutual investment portfolios or more esoteric products. More details will emerge after it receives the green light from the Financial Services Authority, due before Christmas.
Smith, who made his name as a pugnacious banking analyst at firms including W Greenwell & Co and UBS in the 1980s and early 1990s, will cease to be deputy chairman at Collins Stewart. But he will stay as chief executive of inter-dealer broker Tullett Prebon.