By The Evening Standard
Appeared in the Evening Standard on 20 March 2006
City financier Terry Smith, is dismantling the Collins Stewart Tullett empire he has spent £560 million on building up over the past five years. Smith is splitting the Collins Stewart stockbroking business from the Tullett Prebon bonds and moneybroking operations he acquired in more recent years. Both companies will be listed on the stock market with capitalisations of around £600 million and £1.3 billion respectively, valuing Smith’s shares in them at around £95 million. The group will also return £300 million of capital to shareholders on top of the 65% increase in the dividend to 14p that Collins Stewart Tullett is paying to them after reporting 2005 profits nearly trebled to £97 million.
© The Evening Standard