Proposals to replace the board were put forward by Elsina, a company controlled by Mr Tchenguiz, which yesterday won a narrow majority of the votes at a shareholder meeting.
The board, including Brian Larcombe, the former boss of 3i Group, immediately stood down and were replaced with a new set of directors that is expected to push for a corporate restructuring and workout of the company’s assets.
The company, which had a net asset value of $178m (£108m) in April, owns stakes in a number of hedge and private equity funds, as well as about a third in cash.
Mr Tchenguiz, who owns 28.8 per cent of the company, was backed by other shareholders including Man Group, Progressive Asset Management and Brit Insurance. In total, 56 per cent of votes were cast in favour of the proposals.
The company received an approach from its fund manager, Nicola Horlick, although no bid has yet been put forward. Ms Horlick’s Petersfield Asset Management was rebuffed by the former board of Bramdean Alternatives this week, and no comment was forthcoming on the approach from the new board.