Collins Stewart Plc said Deputy Chairman Terry Smith will retire as a director of Britain’s biggest stockbroker on Dec. 6 to focus on a new fund management venture.
Smith will develop a new asset management company called Fundsmith, the London-based broker said today in a statement. He remains chief executive officer of Tullett Prebon Plc, an interdealer broker that split from Collins Stewart in 2006.
“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 said in the statement.
Smith oversaw Collins Stewart’s growth to become the U.K.’s biggest stockbroker as CEO between 1996 and 2003 and as chairman between 2006 and April this year. The company sold shares to the public in 2000.
Smith may put 20 million pounds ($32 million) of his 60-million-pound fortune into Fundsmith, which will allow outsiders to invest alongside him for the first time, the Sunday Telegraph reported on Sept. 12.
Collins Stewart in July posted a 1.8 percent drop in first-half profit to 5.4 million pounds amid “difficult markets.”