Edward Bramson is to step down from the day-to-day running of F&C Asset Management, the UK investment manager he took control of in 2011, as he prepares to hit the acquisition trail with the backing of some of the biggest names from the buyside.

Bramson has raised over £200m on London's Alternative Investment Market for a new cash shell that will invest in a "target company identified by the investment manager with the aim of generating a significant capital return," according to an announcement with the London Stock Exchange this morning.