Bramdean Alternatives to move to private equity
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The board of The Bramdean Alternatives investment trust is proposing to re-brand the trust to Aberdeen Private Equity, following Aberdeen’s takeover of the portfolio trust in November last year.
The change will reflect the trust’s new investment objective of primarily focusing on private equity funds. Under Bramdean the fund was ran as an alternatives fund of funds, investing globally in equity, hedge funds and specialty asset classes.
The board is also proposing to convert all of the trust’s dollar shares into sterling shares so as to simplify its capital structure.
Aberdeen assumed management of the trust after Elsina, an investment company owned by Vincent Tchenguiz, successfully ousted the board trust at an extraordinary general meeting in June after it was caught up in the scandal surrounding Bernard Madoff, the disgraced American financier.
The move marked the conclusion of a high-profile scrap between Elsina and Horlick, who was also the former manager of the trust.
A circular containing full details of the is in the process of being finalised and will be published shortly. This will convene with an EGM at which shareholders will be able to vote on the proposals.
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