Blue-sky thinking: Terry Smith runs Fundsmith from Mauritius At 65, he is already eligible for a State pension and, like most people of a similar age, he could be putting his feet up, enjoying the fortune he has amassed from a lifetime spent in the City. That helps us fund This Is Money, and keep it free to use. Terry Smith took home £16.2 million last year and may have received even more after his investment business paid almost £116 million to a company that the star fund manager controls overseas.Pre-tax profits at his Fundsmith business rose from almost £21 million in 2018 to £26.4 million in the year to the end of March, according to accounts filed at Companies House. Fundsmith set up an office in Mauritius in 2014 and Smith, the son of an east London bus driver, officially changed his residency to the island in the Indian Ocean at the start of 2017. Mauritius charges corporation tax of 15% but certain companies can qualify for exemptions to bring this rate down. Ben Martin. Published on Sat 8 Sep 2018 02.00 … He was chief executive of the firm from the time it combined in 2004 until 2014.Tullett Prebon is an inter-dealer broker, meaning it negotiates deals between investment banks and other big financial institutions.Its rates division carried out ‘name-passing’ broking, where the broker negotiates deals between parties at mutually acceptable terms and then passes their names to each other to conclude the transaction.The FCA found the division had ineffective controls which allowed brokers to complete wash trades – where there is no actual change in who owns the asset, and the trade has no purpose other than to mislead the market or enrich the broker.Tullett Prebon brokers were paid bonuses depending on the amount of brokerage they brought in, and this could exceed their salaries by several times.The FCA criticised senior managers at Tullett Prebon for turning a blind eye, and for encouraging the culture of lavish entertainment to build relationships with traders.Most of the £15.4million fine was a punishment for the poor trading practice, although £4.9million was slapped on because Tullett Prebon initially failed to give the FCA voice recordings which it requested to aid with its investigation.Nicolas Breteau, chief executive TP Icap, said: ‘We are pleased to put this historical matter behind us. We do not allow any commercial relationship to affect our editorial independence. Please Terry Smith moved to Mauritius in 2014, opening his business there at the same timeListen to Times Radio for the latest well-informed debate, expert analysis and breaking newsRegistered office: 1 London Bridge Street, SE1 9GF. STEFAN ROUSSEAU/PA. Photograph: Stefan Rousseau/PA. “Terry Smith’s performance is proof that there is life in active management,” says Andy Bell, chief executive of investment platform AJ Bell. None of the individuals involved in the relevant broking activities remain with our firm, which has long since taken the opportunity to significantly enhance its systems and controls to comply with regulatory expectations.’Some links in this article may be affiliate links. If you click on them we may earn a small commission. Expert guides and analysis for UK, US, and global economy News, tips, updates and advice. Your source for industry and market news from around the world. Get the latest finance business, tech and cryptocurrency headlines, news and updates from the Business Telegraph. He joined stockbroker Collins Stewart and became chief executive in 2000 after leading a management buyout.He acquired Tullett Liberty in 2003, and Prebon Group in 2004, before demerging Collins Stewart from the newly formed Tullett Prebon in 2006.In 2010 he set up Fundsmith, and four years later quit Tullett Prebon. Wednesday January 08 2020, 12.01am, The Times. Terry Smith … Terry Smith, CEO of Fundsmith and Member of the Economic Development Board, saw that “good ideas are not in short supply but execution of good ideas is in short supply”. But the 66-year-old son of an east London lorry driver, who lives in Mauritius, started his career at Barclays where he developed an interest in stock analysis. For Ads and Sponsorship Contact Us on Terry Smith's brokerage Tullett Prebon fined £15m in trading scandal Fund manager Terry Smith has been left red-faced after the brokerage firm he used to head was slapped with a £15.4million fine.Tullett Prebon, now a part of TP Icap, was found by the Financial Conduct Authority (FCA) to have ineffective controls around broker conduct in its rates division between 2008 and 2010.This, combined with a culture of lavish entertainment, allowed improper trading to take place.A Tullett Prebon broker claimed more than £15,000 from the company to pay for a luxury ten-day trip to Las Vegas (pictured) and California with his friend, a trader at a client bankAt one point, a Tullett Prebon broker claimed more than £15,000 from the company to pay for a luxury holiday to the US with his friend, a trader at a client bank.Tullett Prebon ended up paying for the ten-day trip to Las Vegas and California, during which time the broker racked up bills from dinners in expensive bars and restaurants, and hired two top-end sports cars as amusement.His managers allowed him to expense the trip because he persuaded his trader friend to complete a deal at above the market price, in order to cover a trading loss which Tullett Prebon’s overseas office had incurred due to its own error.The broker told a senior manager at Tullett Prebon that he had agreed a deal at a set price with a trader to cover the firm’s losses.But in exchange, he said to the manager: ‘You guys… pay for all the hotels, meals etcetera in LA, San Fran and Vegas.’Terry Smith is best known among retail investors for Fundsmith, his fund management firm, and its eponymous outperforming equity fund.But the 66-year-old son of an east London lorry driver, who lives in Mauritius, started his career at Barclays where he developed an interest in stock analysis.

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