Terry Smith, one of the UK’s most prominent fund managers, is stepping back from running his emerging markets equities trust and has handed day-to-day oversight to two colleagues.

Smith, who has overseen the Fundsmith Emerging Equities Trust — known as FEET — since its launch five years ago, is giving control to Michael O’Brien and Sandip Patodia. The duo joined Fundsmith in 2014 ahead of the trust’s launch.