* Celebrity fund manager makes approach for listed firm
* Move comes ahead of EGM requisition by Tchenguiz
* Pension fund investors give Horlick qualified backing
(Adds investors' comments)
By Cecilia Valente
LONDON, June 9 (Reuters) - City 'superwoman' Nicola Horlick has broken cover as the mystery bidder for Bramdean Alternatives , the ailing asset manager whose board property tycoon Vincent Tchenguiz is seeking to replace.
Horlick's investment vehicle, Petersfield Asset Management Limited, was named on Tuesday as the previously unidentified bidder for Bramdean Alternatives, a victim of the Madoff fraud in which Tchenguiz holds a 28 percent stake.
"(Tchenguiz investment vehicle) Elsina said that there was no potential bidder for Bramdean. Today's announcement proves that the board was telling the truth (about an offer)", a spokesman for Bramdean Alternatives said.
Details of the offer and the funding behind it were not disclosed, and the news comes just days ahead of an extraordinary shareholder meeting called at Tchenguiz's request to vote on a boardroom reshuffle.
Horlick, known for pursuing a career as a high-profile fund manager while raising five children, stands to lose heavily if Tchenguiz gets his way.
Her Bramdean Asset Management vehicle runs Bramdean Alternatives' investment portfolio, and the mandate forms the bulk of her business.
The firm invests in hedge funds and private equity and saw its net asset value fall to $181 million at end-March from $257 million at end-July 2007.
Horlick founded Bramdean in 2005. In 2007 she raised 130 million pounds from investors and created Bramdean Alternatives as a listed entity.
Her new vehicle Petersfield -- named after a market town 10 miles from Bramdean village in Hampshire -- has until July 31 to make a formal bid.
QUALIFIED SUPPORT
Horlick's move prompted Bramdean Alternatives' second and fourth largest shareholders, Hampshire County Council and the Merseyside Pension Fund, to reiterate their qualified support.
The Merseyside and Hampshire funds own respectively 19.2 and 15.1 percent stakes.
"Until we get more information on the bid proposal, we are supportive of the incumbent management because that chimes with our philosophy of long term investors," said Peter Wallach, head of Merseyside pension fund.
"We will vote in accordance with what we see is in our best interest as a long term investors. As a long term (investor), we are supportive of Bramdean," a spokesman for Hampshire Pension Fund said.
Sources close to RMF, Bramdean Alternatives' third-largest investor and part of Man Group, said although the firm will wait for details of any Horlick bid, it remains for now in favour of the Tchenguiz plan.
KINGMAKER
Tilney Investment Management -- now known as Deutsche Bank Private Wealth Management -- declined to comment.
With its 5.6 percent stake the asset manager could emerge as the king-maker, giving either Elsina or Petersfield decisive support.
If the fund manager sides with Tchenguiz it would give the tycoon enough support to reach over the 50 percent needed to oust Bramdean Alternatives' Chairman, Brian Larcombe, as well as directors Ceasar Anquillare, Michael Buckley and Nicholas Moss.
Tchenguiz is seeking to install Jonathan Carr, David Copperwaite and Mark Tucker as directors and has claimed support from more than 50 percent of shareholders. Shareholders will vote on June 18, at an extraordinary general meeting, called for by Elsina.
Bramdean Alternatives said that, should no bid from Horlick materialise and if the Tchenguiz proposals were voted down, the board would then proceed to return cash to investors, possibly through a delisting.
Representatives of Tchenguiz were unavailable for comment, a Bramdean Asset Management spokeswoman declined to comment further on Bramdean Alternatives' statement. (Additional reporting by Raji Menon; Editing by Andrew Macdonald) (For the Hedge Hub blog, visit: http://blogs.reuters.com/hedgehub/ For the Global Investing blog, visit: http://blogs.reuters.com/globalinvesting/)