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A LABOUR-SUPPORTING City wheeler-dealer has sold the broking firm he founded more than 30 years ago for £213m in a deal that sees him and his family pocket nearly £20m.
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The deal signals the exit from the Square Mile of Derek Tullett, 68, one of the best-known trading-floor names in City broking. He is selling his eponymous broking house to Collins Stewart, the stockbroking firm headed by Terry Smith, the controversial share-market professional who has been highly critical of big companies' accounting policies.
Tullett set up the firm in 1971 and it became one of the pre-eminent players in the interbank dealing market. He went into semi-retirement three years ago.
He is known to be a proponent of joining the euro, and it emerged last year that he donated £50,000 to the Labour Party. He was an outspoken supporter of Frank Dobson in Labour's campaign to block Ken Livingstone in the London mayoral elections in 2000.
Regarded as a king of old-school broking, he once said: 'The screen gives you the price but the voice gives you the market,' meaning that in the shadowy world of City trading, all the best deals are done in the old-fashioned way of telephone contact with brokers, rather than by punching orders into a computer.
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