Colin Kingsnorth, chairman of corporate raider Laxey Partners, admitted this week that he is unlikely to secure boardroom representation at the $320m (€326m) Baring Emerging Europe fund, his latest investment target.

Kingsnorth wants to ensure that Laxey, which has already bought and sold a Baring Emerging stake at a profit, makes more money from its reduced 10% holding in the fund via a restructuring.