Guernsey-based asset manager Bramdean Alternatives said on Thursday it had received a takeover approach from an unnamed company, according to the Associated Press.

Bramdean, managed by Nicola Horlick, revealed last year that it had around 9 per cent of its asset value invested with funds run by US fraudster Bernard Madoff.

The company says it has "received an approach which may or may not lead to an offer being made for the entire issued share capital of the company."

Bramdean added that it was also continuing with a strategic review of other options available to the company.

Mr Madoff has pleaded guilty to losing billions of dollars for thousands of investors and is awaiting a June sentencing. Ms Horlick has publicly criticised US regulators for failing to detect Madoff’s illegal activities earlier.

Bramdean invests in a diversified portfolio of private equity funds, hedge funds and other speciality funds and additionally holds direct holdings in unquoted companies and quoted securities. Their portfolio of investments seeks to be diversified by country, industry sector, investment stage and size of investment, as well as by strategy.