Shareholders of F&C Asset Management have ousted its Chairman, Nick MacAndrew, The Wall Street Journal reports. They have replaced him with the founder of Sherborne Investors, Edward Bramson.

Sherborne, which holds 17% of F&C shares, has also appointed former U.K. Chairman of PricewaterhouseCoopers, Ian Brindle, and ex-Clifford Chance lawyer, Derham O’Neill, to the F&C board. Another board member, Brian Larcombe, has also been removed, adds Bloomberg.

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