Terry Smith steps back

FUND manager Terry Smith has stepped back from running his emerging markets trust, handing control to two proteges.

He has promoted Michael O’Brien and Sandip Patodia to portfolio manager and assistant manager respectively at the struggling trust. Smith, 66, will now be chief investment officer, and said the changes should aid performance.

The Fundsmith Emerging Equities Trust launched in 2014 has delivered returns of 26pc in the past three years, trailing rivals who achieved an average 55pc.

Annual fees are being cut by 0.25 percentage points, to 1pc of the trust’s assets.