Interdealer broker Tullett Prebon has appointed John Phizackerley, a former executive at Nomura, as an executive director and CEO, with effect from 1 September.
Further to the announcement on 3 June, Terry Smith will stand down after eight years at the helm on 31 August. He plans to focus on his asset management business Fundsmith.
This leadership change comes at a time when the interdealer broker space is going through significant structural change. Earlier this month, Icap cut approximately 100 voice brokers from its global business (Squawkbox, 7 July).
Previously, Phizackerley held a number of senior management positions at Nomura International from 2009 to 2013, including CEO EMEA from March 2011 to May 2013.
Prior to joining Nomura, he worked for Lehman Brothers from 1986 to 2008 in roles including head of research, co-head of equities and chief administrative officer EMEA. He started his career as an underground mining engineer with Anglo American Corporation of South Africa.
Rupert Robson, chairman of Tullett Prebon, welcomed Phizackerley, saying: “[Phizackerley] has a distinguished track record in the investment banking industry and wide international experience. His deep understanding of our customers’ needs and his regulatory expertise will be invaluable in taking Tullett Prebon forward in these changing times to the next stage in its development.”
He also thanked Smith for his contribution, adding: “Terry Smith had the vision more than 10 years ago to bring together Tullett Liberty and Prebon Yamane to create what is today one of the leading interdealer brokers in the world. In the process he has created significant value for shareholders and has steered the group through the financial and regulatory upheavals of the last few years. We are immensely grateful for his huge contribution to the business and wish him well for the future with Fundsmith.”
Smith has agreed to stay on as a consultant over the next two years for a fee of £250,000 per annum.