Terry Smith, a fund manager who has retained his reputation, has hinted that succession planning is moving up the agenda at fund management firm Fundsmith.
Speaking at the annual general meeting of the company he founded, Smith, who is aged 67, said the company’s head of research, Jeremy Robins, was one possible successor.
Smith, who owns a controlling stake in Fundsmith, also said he is working on a plan to reduce that stake and allow others in the firm to increase their stake so that control of the business remains with the active management.
“I don’t think it is a viable structure for the firm for the day when I’m not here for whatever reason to still own the majority of the firm,” Smith was quoted as saying.
Unlike Neil Woodford, Smith’s reputation as a stock-picker remains intact although he has cut down on his fund management duties in recent years.