Tchenguiz lands blow on Horlick

CITY &ldquo;superwoman&rdquo; Nicola Horlick was dealt a blow yesterday after the board of directors of Bramdean Alternatives, a listed fund she manages, was ousted at an extraordinary meeting by shareholders led by property tycoon Vincent Tchenguiz. <br /><br />The rebels, who triumphed 56-44 per cent against the board, will now consider whether to liquidate Bramdean Alternatives, which has suffered from a poor performance over the past year, partly caused by an investment in Bernard Madoff&rsquo;s fraudulent fund.<br /><br />Tchenguiz&rsquo;s Elsina vehicle, which owns 28 per cent of Bramdean Alternatives, was backed by hedge fund giant Man Group, British Insurance and investment group Progressive in the vote.<br /><br />Bramdean Alternatives had recently broken off takeover talks with Horlick, who is still mulling a potentially hostile bid for&nbsp; the fund via her newly-created Petersfield Asset Management vehicle. <br /><br />The ousted Bramdean Alternatives board included chairman Brian Larcombe, formerly head of 3i Group. He has been replaced by Jonathan Carr, of Galaxy Asset Management, who may now seek a &ldquo;put up or shut up&rdquo; notice from the Takeover Panel, forcing Horlick to either proceed with or drop her potential bid. Even if Bramdean Alternatives is not liquidated, it is unclear whether Horlick will be retained as its fund manager.