Activists oust F&C Asset Management chairman in coup

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Sherborne's head Edward Bramson - who is set to replace Nick MacAndrew as chairman - won support from two-thirds of investors after a coup which also sees former 3i chief executive Brian Larcombe voted off the board.

Sherborne, has a 17% stake in F&C, has attacked F&C's performance compared with some of its rivals, as well as expensive acquisitions such as Thames River Capital. It has yet to set out its own alternative strategy for the business.

The rebel shareholder's victory, which also sees two of its other nominated directors join the board, heaps pressure on current chief executive Alain Grisay - who opposed Sherborne's manoeuvres - but sources close to the investor said Bramson "wants to work with the existing team".

Bramson is also understood to be holding talks with F&C's key staff today and tomorrow to prevent top talent walking away. Sources suggested he would set out his own strategy for the business at the firm's AGM in May.

Grisay said: "Shareholders have spoken clearly and we respect their decision. I look forward to working with all my board colleagues to ensure the continuing success of the business."

Sherborne won public support from Aviva Investors before today's extraordinary meeting at JP Morgan Cazenove's City offices. The resolution to kick off MacAndrew was supported by 65.1% of shareholders.

In the build-up to today's meeting, MacAndrew accused Sherborne of a "morally questionable" bid to take control of F&C without paying a premium to investors and pointed out that Bramson had no experience of running a financial services company.

Bramson has had success with investments in marketing materials firm 4imprint, US chemicals firm Elementis and IT business Spirent, but less so in other investments such as US electronics company Ampex, which went into bankruptcy in 2008.