Bramdean Asset Management, the UK wealth management boutique headed by high profile fund manager Nicola Horlick, has raised just £33 million since launching two years ago. The low take-up in funds was disclosed, said the Financial Times, in a prospectus for a new closed-end vehicle for which the firm is seeking to raise up to £250 million through a London listing next month. Ms Horlick launched Bramdean, which is primarily a fund of funds specialist, after nearly two decades in the industry including roles with Deutsche Morgan Grenfell, whom she publicly fell out with in the late 1990s, and as founder and chief of SG Asset Management. Bramdean said total funds under management alone did not convey the breadth of the Bramdean business model. "Bramdean is advising on a further £270 million in institutional assets, as well as on private assets, in the UK and overseas, through its Bramdiva wealth management division," the firm told the FT. “In terms of the institutional business, we had not expected significant growth in the first two years, in a market where presence tends to be built gradually."