Business

Tullett's chief executive Terry Smith to stand down

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Terry Smith, chief executive of Tullett Prebon and a well-known name in the City of London, is to stand down.

The financial broking firm confirmed that a succession plan is underway and is "well advanced".

Mr Smith is known for being outspoken and until last year published his opinions on a blog called "straight talking".

It is reported that Mr Smith wants to focus on Fundsmith, an asset management firm he founded in 2010.

Tullett Preborn makes its money by acting as a middleman between buyers and sellers of currencies, bonds and other financial products.

But the industry has been under pressure due to greater regulation and falling sales.