In The Spotlight: Boxing buff who ruffles feathers around the City and beyond
Friday 14 May 2010
Terry Smith's paper wealth took a £4m hit yesterday after talks about a takeover of Tullett Prebon, the money broker he runs, broke down. Still, Mr Smith is unlikely to be too worried – if the rumours are to be believed he and his management team were the bidders.
Mr Smith is a blogger, climate change sceptic and boxing fanatic who conducts business in a pugilistic style that has made him more than a few enemies. Not that he cares. He appears to thrive on conflict.
He first shot to prominence with the publication of the now seminal Accounting for Growth while an analyst at Swiss bank UBS. Exposing the creative accounting practices common in the City of London, what really caused a stir was that Smith named names. He was fired for his trouble and sued as well. That, in retrospect, was a gift to Smith – the book went on to sell in excess of 100,000 copies, becoming a mainstay of business courses.
He later made a fortune at Collins Stewart, the boutique stockbroker he still serves as deputy chairman. But he seems to have found his real home in the money broking arena. Money brokers allow banks to trade a huge amount of financial instruments anonymously. If that sounds arcane and intellectual, on the ground it is one of the most brutal and cut-throat businesses in the Square Mile. The big players, which also include Icap and BGC, have regularly engaged in vicious court cases with each other over staff poaching, client poaching and pretty much anything else they can fight about. Which suits Smith – who once challenged Michael Spencer, the wine connoisseur and former Tory party fundraiser who runs Icap, to a white-collar boxing bout. Which would have been a sight to see.
- 1 East 17 bandmember Brian Harvey in 'very desperate situation’
- 2 Vladimir Putin says Russia will fight for the right of Palestinians to their own state
- 3 WrestleMania 31 results: Seth Rollins stuns WWE as he cashes in Money in the Bank contract to claim title from Brock Lesnar
- 4 Ohio Democrat Teresa Fedor speaks out during abortion debate to reveal she has been raped – and is interrupted by laughter from Republicans
- 5 Germanwings plane crash: I have depression. That doesn't make me a psychopath
East 17 bandmember Brian Harvey in 'very desperate situation’
Vladimir Putin says Russia will fight for the right of Palestinians to their own state
Ohio Democrat Teresa Fedor speaks out during abortion debate to reveal she has been raped – and is interrupted by laughter from Republicans
Germanwings plane crash: Investigators may have already found remains of suspected killer co-pilot Andreas Lubitz
Children take eight Isis captives to be beheaded in latest propaganda video
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...