Horlick's Bramdean contract bought out as Aberdeen takes control

The move, which could see the trust rebranded with the Aberdeen name, comes after a period of consultation with principal shareholders and consideration by the board over the trust's future.

Aberdeen have been appointed for an initial three-year period, after paying Ms Horlick's investment management firm an "undisclosed sum".

Jonathan Carr, chairman of the trust, said the board had considered a number of options since the new board was appointed earlier this year.

He said: "We believe that the company [trust] 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."

Bramdean Asset Management will continue in a consultancy role for 12 months, providing "continuity" for the trust.

Martin Gilbert, chief executive of Aberdeen, said he was pleased to have been appointed as manager of the investment trust.

He said: "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 new board - including chairman Jonathan Carr - was appointed in June after an emergency general meeting (EGM) was called by property entrepeneur Vincent Tchenguiz. A number of previous members of the board were removed.

Brian Larcombe, Ceasar Anquillare, Michael Buckley and David Moss were all removed following the EGM.

Ms Horlick had attempted to negotiate a takeover of the trust through her company Petersfield Asset Management however talks collapsed.