Edward Bramson’s proposal to replace F&C Asset Management’s chairman was met with success at a general meeting of shareholders today.
Bramson, the founder of investment vehicle Sherborne, is likely to replace Nick MacAndrew having repeatedly called for his dismissal.
The takeover comes after Bramson, led by a 17 per cent holding in F&C through Sherborne, found support from Aviva, which holds a 9 per cent share.
MacAndrew and Brian Larcombe, a non-executive director, were removed today by a 65 per cent and 61 per cent majority vote respectively at a shareholder meeting in Moorgate today.
Edward Bramson, Ian Brindle and Derham O’Neill have been appointed as the new directors of F&C by a 70 per cent, 55 per cent and 71 per cent vote respectively.
Representatives of over 80 per cent of the firm’s total issued shares voted on the resolutions.