Edward Bramson has stepped down as chairman of F&C Asset Management as his Sherborne Investors looks to distribute its shares in the fund manager to its own investors.
Bramson, founder of activist investor Sherborne, which owns 19 per cent of the firm, became F&C’s chairman in 2011 following a boardroom coup and went about implementing an overhaul to turn the group around.
Part of the restructuring involved a £50m cost-cutting drive to help improve the firm’s profits. Last month F&C reported a group underlying profit before tax of £37.3m for the first half of 2013, up from £22.1m one year earlier.
Bramson’s decision to step down, alongside Sherborne’s recent announcement that it will distribute its shares in F&C to its own investors, suggest that F&C’s turnaround is deemed to have been successful.
Kieran Poynter replaced Bramson as F&C chairman with immediate effect.He joined the board in June 2009 and was formerly chairman of the audit and compliance committee as well as a member of the nomination, remuneration and risk committees.