A group of hedge funds led by Steel Partners, the US firm, have forced BKF Capital, a US asset manager with $13bn (€11bn) under management, to change its board of directors.

The hedge funds, which own more than 30% of BKF, have succeeded in voting three of their nominees onto the nine-strong board. They have replaced incumbent directors including John Levin, BKF Capital's founder, chairman and chief executive.