Pension fund rebellion over Horlick losses of council investments (From Daily Echo)

Hampshire County Council could rebel against Nicola Horlick over pension losses

10:02am Thursday 14th May 2009 in Financial Crisis By Gareth Lewis, Business Editor

Nicola Horlick

BOSSES at Hampshire County Council are staying tight-lipped about their position on so-called City “superwoman” Nicola Horlick, pictured, who faces a shareholder rebellion over huge losses.

The Hampshire Pension Fund, which is administered by the county council, is the second largest shareholder in Horlick’s Bramdean Alternatives Investment Fund and will have a major say in the outcome of the rebellion.

It’s 19.2 per cent stake is the second only to that of tycoon and lead rebel Vincent Tchenguiz who has 28.7 per cent and is aiming to axe the entire board and liquidate the fund in a bid to recoup some of his money.

He is claiming more than 50 per cent shareholder support for the plan, a figure Horlick challenges, but it is today unclear if Hampshire County Council supports him.

A county council spokesman said: “We are awaiting developments to see if there is sufficient shareholder support to change the board of directors and have no further comment to make.”

Its support is likely to prove crucial, with reports suggesting the situation is evenly balanced.

The move follows huge losses at the fund, which has £25m of Hampshire Pension Fund Money invested in it, and has plummeted in value from £130m to just £75m.

Horlick’s reputation has also taken a knock after it emerged Bramdean was a significant loser in the Bernie Madoff Wall Street fraud, in which she invested £21m, including £2.4m from the Hampshire pension fund.

The fund lost a further £4.2m in the scam after placing it in another fund linked to Madoff on Horlicks advice, bringing its total lost to the swindler to £7.1m. In total, Horlick’s Bramdean organisation manages £250m of the Hampshire Pension Fund’s £2.4 billion assets.

Horlick, 48, earned the superwoman tag for her ability to combine having a large family with a high-flying City career. She named the fund Bramdean after the Hampshire village where she has a holiday home.

Hampshire Pension Fund cares for the retirement income of 46,220 members from 201 employers, including 11 councils in the region, as well as the county’s police and firefighters and those of university workers.