Sherborne Investors, the owner of more than 17 per cent of F&C Asset Management, has attacked the fund manager for pursuing what it viewed as a flawed strategy.
In a letter calling on fellow investors to back its plans for changes to the F&C board, Sherborne said: "F&C's many strengths have not been reflected in the performance of its share price."
The rebel shareholder has proposed the removal of F&C chairman Nick MacAndrew and non-executive director Brian Larcombe, and the appointment of three nominees, Edward Bramson, Ian Brindle and Derham O'Neill.
Mr Bramson is currently a partner of Sherborne Investors. The proposals will be tabled at the upcoming general meeting at the beginning of February.
Mr MacAndrew said Sherborne had "failed to articulate an alternative strategy for F&C and has failed satisfactorily to address our concerns that its board nominees lack the necessary experience for an FSA regulated fund management business.
"A partial and flawed critique of the past is not a strategy for the future... The board remains unanimous in urging shareholders to vote against the proposed resolutions," he added.Reuse content