Terry Smith’s fund house adds 8 partners

The individuals work in the asset management, information technology, sales and finance functions.

Although Fundsmith is synonymous with Terry Smith, who is both chief executive and chief investment officer, it has always been constructed as a partnership. Among the partners already at the firm is US-based Julian Robins, a long-time colleague of Smith’s at numerous firms and head of research at Fundsmith. 

Among the new partners are Simon Barnard, who is a fund manager on the Smithson investment trust, which was the largest new launch investment trust when it came to market in 2018.

Two of the investment research team that report to Robins, Jonathan Imlah and Thomas Boles have also joined the ranks of the partners. 

The firm’s chief financial financial officer, Paul Mainwaring, and head of IT, Amar Patel, are also now partners. 

Smith said: “I am delighted to welcome many long-standing and integral members of the team, from across the breadth of our operations, as new partners. By further aligning their interests with the success of the firm we will ensure the business continues to develop and strengthen as we seek to deliver a world class service to investors.”

As partners, they are in line for a share of the profits the firm generates in the years ahead. 

For the year to the end of March 2021, the company posted a profit of £58mn, of which £50mn was distributed among the partners.

Smith personally received £36mn of this. 

Fundsmith’s profits for the coming year are likely to be negatively impacted by the shift away from growth stocks.

The flagship Fundsmith Equity fund has lost 17 per cent this year to date.

The new partners are: 

david.thorpe@ft.com