Nicola Horlick, chief executive officer of Bramdean Asset Management, has been revealed as a rival bidder for Bramdean Alternatives.
The investment trust announced to the London Stock Exchange that it had received an approach from Petersfield Asset Management, a company which is beneficially owned by Horlick.
As reported on Fund Strategy online, Elsina, the investment vehicle of Vincent Tchenguiz which holds 28% of Bramdean Alternatives share capital, outlined plans to oust the current board of the trust in favour of its own candidates.
The move could threaten the management contract between Bramdean Alternatives and Bramdean Asset Management as a new board would be able to vote to sever ties with Horlicks group.
The dispute sparked a public war of words between the two sides with the board of Bramdean Alternatives accusing Elsina of trying to seize control of the trust, while Elsina blame mismanagement of the trust for forcing its hand.