Terry Smith, the chief executive of Tullett Prebon and a prominent figure in London's financial circles, could leave the interdealer broker as early as the end of June, a source familiar with situation told Reuters on Tuesday.
Tullett, whose staff match buyers and sellers of currencies, bonds and other tradeable instruments, confirmed late on Tuesday that the firm was engaged in a succession planning process.
In a statement prompted by media speculation, Tullett said the search for Smith's replacement was 'well-advanced'. The company's board has agreed that Smith will step down once a successor has been appointed, it added.
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