The chief executive of interdealer broker Tullett Prebon, Terry Smith, is standing down to focus on Fundsmith, the asset management business which he founded in 2010.

The chief executive of interdealer broker Tullett Prebon, Terry Smith, is standing down to focus on Fundsmith, the asset management business he founded in 2010.

In response to press speculation, Tullett Prebon confirmed in a statement that the succession planning process was in an “advanced stage”, and that Smith will stand down once a successor has been appointed.

He leaves after nearly eight years at the helm. According to The Financial Times, Tullet Prebon is in talks with former Nomura and Lehman Brothers executive John Phizackerley to replace Smith.

The move comes after the launch of the Fundsmith Equity Fund in May. Since its launch the fund has exceeded £2 billion ($3.34 billion) and delivered a total return of 70.7 per cent, outperforming the MSCI World Index by 26 per cent.

Fundsmith is also launching an emerging markets fund on 25 June that invests in portfolio companies that are either based in or generate revenue from developing economies.