Funds of Hedge Funds

Bramdean rift hits UK local councils

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The plans of two of the UK's leading local authority hedge fund investors may hang in the balance in the wake of the power struggle over listed vehicle Bramdean Alternatives.

At an extraordinary general meeting on 18 June the board of the $106 million Bramdean Alternatives multi-asset alternatives fund was ousted at the instigation of the fund's largest shareholder, Elsina Limited - a vehicle controlled by the UK-based property tycoon Vincent Tchenguiz. The motion was opposed by Bramdean Alternatives' investment manager, Nicola Horlick. The board has now been removed and a new independent board installed.

Among Bramdean Alternatives' largest investors