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Sherborne ousts F&C chairman

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.



Nest reveals default option investment mandates

Nest has revealed the five investment mandates for its default fund offering. The mandates are as follows: Passive Global Equities: UBS Life world equity tracker. Managed by UBS Global Asset Management Life Ltd, tracks the FTSE All-World developed index. Passive UK Gilts: State Street UK conventional gilts all stocks index fund. This fund tracks the […]

Recent events highlight the risk in emerging markets

Should we read much into the surprise contraction of our economy announced last month? By now, we all know that GDP shrank by 0.5 per cent during the last quarter of 2010, catching out forecasters, all of which expected a slowing in growth – but growth nonetheless. The answer is probably not. The first pass […]


Don’t write Woodford off

Many column inches have been devoted to the subjects of inflation and interest rates over the last couple of weeks. With inflation above target for such a long time now, pressure is growing on the Bank of England to consider an interest rate rise. According to Neil Woodford, with two of the biggest funds in […]

System aims to offer toolkit to cover front and back offices

Tenet is developing a front and back-office system for its members which will be rolled out over the next year. The system, called Tenet Advantage, is being powered by Focus:360. The network plans to start piloting the system at the end of March. It says the aim of the system is to help advisers work […]


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