Aberdeen Asset Management is replacing Bramdean Asset Management as manager of Bramdean Alternatives' $183 million in assets, confirmed Jonathan Carr, chairman of the multiasset alternative fund's board.
Nicola Horlick, CEO of Bramdean, lost control of Bramdean Alternatives following a power struggle with major shareholder and property tycoon Vincent Tchenguiz earlier this year.
A new fund board, elected in June, made the decision to terminate Ms. Horlick's firm and appoint Aberdeen.
Aberdeen paid an undisclosed sum to BAM for the contract to manage Bramdean Alternatives' assets, retaining Bramdean AM as a consultant.
A call to Ms. Holick was referred to a spokesman, who couldn't be reached by press time.
