Edward Bramson, the founder of activist investor Sherborne Investors, is stepping down as chairman of London-listed F&C Asset Management with immediate effect.
Bramson became the head of F&C’s board in 2011, following a coup, and has since implemented drastic changes to turn the fate of the struggling asset manager around.
In July, F&C reported an operating profit of £47.4 million (€55.5 million) for the first half of this year. This compares to £32.2 million in the first half of 2012. Its assets under management now stand at £92.3 billion.
Bramson will be replaced by Kieran Poynter (pictured), who joined the board as an independent non-executive director in June 2009.
Poynter also held the roles of chairman of the audit and compliance committee, and a member of the nomination, remuneration and risk committees.
The board has also appointed Keith Percy to the audit and compliance committee, and both Keith Percy and Keith Jones to the nomination committee.
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