Horlick ends Tchenguiz war with £5m fund sale to Aberdeen

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The deal means Horlick no longer actively manages any funds and brings to an end months of public warring between her and the fund's largest shareholder property tycoon Vincent Tchenguiz.

Bramdean Alternatives, the quoted fund, said it had appointed Aberdeen as its new manager and would change its name. That will distance it from Horlick's private fund management business Bramdean Asset Management.

It is understood that Aberdeen paid Horlick around £5 million to take over the fund management contract. That is slightly less than she would have had to be paid if her contract had been terminated.

A spokesman for Horlick said: "She has got plans and she will be coming back with various ideas but probably not as an active hands-on fund manager."

Tchenguiz spent £38 million buying a 28% stake in Bramdean Alternatives when it floated three years ago. His stake has shrunk in value to less than £12 million after Horlick made a series of hedge-fund and private-equity investments that fell sharply. She also lost £10 million of the fund's money with convicted New York fraudster Bernie Madoff.

Tchenguiz successfully managed to get rid of the original Bramdean board five months ago and replaced them with his own nominees.

Today chairman Jonathan Carr said: "We believe the company will benefit from being rebranded"