A battle for the control of UK-listed manager F&C Asset Management will come to a head at a shareholder meeting in two weeks' time, requisitioned by activist investor, Sherborne, which wants to put three of its men on the board of directors, including the chairman. As things stand, it could be difficult for shareholders to do anything other than back F&C's management.

The first difficulty for shareholders is that Sherborne has not said what it would do with F&C if it took control of the boardroom. Sherborne declined to comment.