Ingram tipped to be next chairman of Collins Stewart

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The Independent Online

Collins Stewart is expected to announce that Tim Ingram, the chief executive of Caledonia Investments, is to become its new chairman to replace Terry Smith when the stockbroker delivers full year results next week.

Mr Ingram, who became a non- executive director at Collins Stewart in January, retires from Caledonia in July and will take up the new chairmanship around the same time.

Mr Smith, who has combined his role at Collins Stewart with that of the $4.5m-a-year chief executive of Tullet Prebon, the money broker, agreed to step down from the role last year.

Although Mr Smith is expected to stay on as deputy chairman, the City has been awash with rumour that he could severe his ties with Collins Stewart altogether. One source said: "Terry is one of the best around but I don't see him as a deputy. And why does he need the distraction of Collins Stewart when Tullet is going so well?"

Mr Smith will deliver Tullet's preliminary full year results tomorrow, which are expected to be strong. In November, Tullet, which brokers business between City banks, described the performance of its business during the first half of the year as "robust".

A spokesman for Collins Stewart declined to comment.