Activist investor Edward Bramson stepped down as chairman of U.K. money manager F&C Asset Management, more than 2 ½ years after ousting his predecessor.
Mr. Bramson, F&C's largest shareholder through his fund Sherborne Investors, will be replaced by Kieran Poynter, a non-executive director since June 2009 and chairman of Nomura Holdings' international unit, F&C said in a statement Thursday.
Mr. Bramson replaced Nick MacAndrew as chairman in February 2011 after criticizing the company's costs, levels of debt and acquisitions. He then sought to boost the fund manager's performance by cutting costs and focusing on the firm's traditional business areas such as investment trusts and managing fixed-income assets for insurers.
The stock has risen about 23% in London trading since Mr. Bramson took over. F&C last month posted a first-half profit, compared with a loss in the year-earlier period. He started building a stake in 3i Group, the U.K.'s oldest private equity firm, in January.
