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Horlick loses fund contract

NICOLA Horlick&rsquo;s Bramdean Asset Management has lost its lucrative management contract at listed investment fund Bramdean Alternatives, five months after the end of a bruising spat with its biggest shareholder, property mogul Vincent Tchenguiz.<br /><br />The contract has been passed to Aberdeen Asset Management for an initial three-year period. The fund&rsquo;s board added it would bring forward a proposal to rebrand the company under the Aberdeen name.<br /><br />The fund said Aberdeen had paid Bramdean Asset Management &ldquo;an undisclosed sum as consideration&rdquo; for the contract. City A.M. revealed earlier this year that Horlick, under the terms of her contract, is in line for a bumper $8.1m (&pound;4.9m) &ldquo;golden goodbye&rdquo; if ousted before the conclusion of her five-year contract, which started in June 2007. The contract stipulated that &ldquo;poor investment performance would not of itself&rdquo; be enough to invalidate the deal.<br /><br />Aberdeen has struck a 12-month consultancy agreement with Bramdean Asset Management, a move the fund said would provide continuity. Tchenguiz, the fund&rsquo;s largest shareholder through his vehicle Elsina, said: &ldquo;I fully endorse and support the outcome of the board&rsquo;s deliberations.&rdquo;<br />