Terry Smith graduated in History from University College Cardiff in 1974. He worked for Barclays Bank from 1974 to 1983 and became an Associate of the Chartered Institute of Bankers in 1976. He obtained an MBA at The Management College, Henley in 1979. He became a stockbroker with W Greenwell & Co in 1984 and was the top-rated bank analyst in London from 1984 to 1989. In 1990 he became head of UK Company Research at UBS Phillips & Drew, a position from which he was dismissed in 1992 following the publication of his best selling book Accounting for Growth. He joined Collins Stewart shortly after, and became a director in 1996.
In 2000 he became Chief Executive and led the management buy-out of Collins Stewart, which was floated on the London Stock Exchange five months later. In 2003 Collins Stewart acquired Tullett Liberty and followed this in 2004 with the acquisition of Prebon Group, creating the world’s second largest interdealer broker. Collins Stewart and Tullett Prebon were demerged in 2006 and he remained CEO of the latter until 2014 having retired as Deputy Chairman of Collins Stewart at the end of 2010 to found Fundsmith LLP.