Bramdean Alternatives replaces board to wind down firm

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London-based fund-of-funds Bramdean Alternatives is reportedly replacing its board after Iranian-born entrepeneur Vincent Tchenguiz, the firm's largest investor, won a vote to do so in an effort to wind down the fund.

Bramdean Alternatives, which is managed by Nicola Horlick, was started by Tchenguiz and Horlick in 2004. Tchenguiz owns a 29% stake.

Bramdean was hit in Bernard Madoff's $65bn Ponzi scheme after investing 9% of its assets with the New York-based money manager via two separate funds. Its shares are currently trading at less than half the value of its private equity and hedge fund investments.

It is reported that the move to replace the board is to explore ways 'to realise shareholder value as soon as possible', which could include closing the fund and liquidating its holdings entirely.

As a result of the vote, Jonathan Carr, David Copperwaite and Mark Tucker will be replacing Brian Larcombe, Ceasar Anquillare, Michael Buckley and Nicholas Moss.

Last week, it was disclosed that Horlick herself made a takeover bid for the firm via Petersfield Asset Management, but it was rejected. Shares of the firm are currently trading at 56.5 pence.