Herbert Smith and Simmons to fight it out on Bramdean row

Herbert Smith and Simmons & Simmons have been called in to advise on a dispute between fund manager Bramdean Alternatives and property tycoon Vincent Tchenguiz.

Tchenguiz, who owns 28.7 per cent of the AIM-listed company through his Elsina vehicle, is trying to oust the board and appoint new directors.

But Bramdean has complained to the Financial Services Authority (FSA) with a letter drafted by ­Simmons & Simmons. The letter, sent to Tchenguiz, the FSA and the takeover panel, accused Tchenguiz of exaggerating shareholder support for the plan.

It is understood that Tchenguiz is being advised by Herbert Smith.

Bramdean Alternatives was set up by City investment star Nicola Horlick, who also created parent company Bramdean Asset Management. She faces
losing control if shareholders back Tchenguiz.

Last week, she lost a key ally when Bramdean Alternatives non-executive director Peter Barton resigned over a potential conflict of interest caused by his role as chairman of Bramdean Asset Management.

Horlick also has a close relationship with SJ Berwin, which helped her set up Bramdean Asset Management. Real estate partner John Eldridge advised on the establishment of the group in 2005 as well as its bid for London’s Trocadero later that year.

Guernsey-registered Bramdean Alternatives also uses offshore firm Ogier.

Herbert Smith and Simmons declined to comment.