Nicola Horlick’s career as a traditional City fund manager was in effect over last night after her company sold its main management contract to Martin Gilbert’s Aberdeen Asset Management for just under £5 million.

Bramdean Asset Management, founded two years ago by Ms Horlick, sold the contract to manage £175 million of assets on behalf of Bramdean Alternatives, a listed vehicle that was at the centre of a shareholder coup earlier this year.

It is understood that Aberdeen paid Bramdean, 100 per cent owned by Ms Horlick, a termination fee of £4.8 million to end its role in the contract.

Aberdeen also collected Bramdean’s mandate to manage pension assets on behalf of the Hampshire Local Authority, currently invested in the Alternatives fund. It leaves Ms Horlick in control of a tranche of pension assets for public authorities in Merseyside, and of Bramdiva, the consultancy for rich women that she created in 2006.

A spokesman said Ms Horlick no longer managed any assets day to day. He added that she would focus on developing a role as an investment consultant, mainly in alternative asset management. “This is a line in the sand for Nicola. She will concentrate on developing entrepreneurial ideas, advice, consultancy and joint ventures rather than asset management.”

Ms Horlick received an undisclosed consultancy fee for her role in the sale of Bramdean’s management contract yesterday. Three weeks ago The Times reported that she had gone into talks with Aberdeen about the future of the Alternatives contract.

Ms Horlick declined to comment last night on the sale or her plans for the future. However, the deal marks a turning point for a woman whose ability to juggle a busy family life with a hectic City career garnered her a strong following.

She began her career at SG Warburg, before moving to Mercury Asset Management, which was renowned for producing entrepreneurial managers. Ms Horlick sealed her reputation during the 1990s by turning round Morgan Grenfell Asset Management, before falling out with senior staff.

She flew to Frankfurt, accompanied by 40 journalists, to lobby executives at Deutsche Bank, the owner of Morgan Grenfell, for her reinstatement after she was suspended amid worries she was planning a staff defection.

Ms Horlick left Morgan Grenfell in 1997 and took a year out to write a book, Can You Have It All, before co-founding SG Asset Management and becoming the chief executive.

Having attracted at least £7 billion of assets to SG, Ms Horlick set up Bramdean Asset Management in 2007. But she was then embroiled in the row at Alternatives, whose largest investor is Elsina, controlled by Vincent Tchenguiz, the property tycoon. Elsina mounted an ultimately successful coup to oust Alternatives’ board and Ms Horlick and Mr Tchenguiz fell out. Neither sat on the board.

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