19 Nov 2009 12:17
For immediate release 19th November 2009
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION (INCLUDING THE UNITED STATES) WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
Bramdean Alternatives Limited
Appointment of new investment manager
The Board of Bramdean Alternatives Limited (the Company) announces that it has today appointed Aberdeen Asset Managers Limited (Aberdeen) as the investment manager of the Company in place of Bramdean Asset Management LLP (BAM). This follows a period of consultation with the Company's principal shareholders and consideration by the Board and its advisers as to the future of the Company.
The Board will bring forward a proposal for the Company to be rebranded under the Aberdeen name. The appointment of Aberdeen, which is for an initial period of three years, takes immediate effect.
Aberdeen has paid BAM an undisclosed sum as consideration for the contract and at the same time has entered into a consultancy agreement with BAM for a period of twelve months. This will provide continuity, particularly in relation to the private equity investments which represent the bulk of the Company's assets.
Jonathan Carr, Chairman, commented: "In the five months since the current Board were appointed we have considered a wide range of options for the future of the Company and I am delighted to say that consensus has been reached with our principal shareholders over the appointment of Aberdeen. We believe that the Company will benefit from being rebranded and that Aberdeen will be well placed to manage the Company's portfolio successfully. We look forward to working with them to maximise returns to shareholders. We would also like to take this opportunity to wish all at Bramdean every success in the future."
Martin Gilbert, Chief Executive of Aberdeen, said: "We are delighted that the Company's Board have appointed Aberdeen as the new manager of this investment company. Aberdeen has a growing reputation in multi-asset management for institutional clients and this appointment introduces our strengthening capability in alternatives to the UK closed end sector, where we are one of the UK's leading investment management groups."
The Board of the Company has been advised by Matrix Corporate Capital LLP.
- ENDS -
Contacts:
Bramdean Alternatives Limited
Jonathan Carr, Chairman, 01242 890287
Neil Mainland, Broadgate Mainland, 020 7776 0527/07753 787290
Aberdeen Asset Management
James Thorneley, Aberdeen Asset Management, 020 7463 6323
Neil Bennett/Tom Roberts, Maitland, 020 7379 5151
Matrix Corporate Capital LLP
Paul Fincham, 020 3206 7175