Small cap fund manager, and Big Un shareholder, Eight Investment Partners has come under attack from Aurora Funds Management, the company with ties to activist Nick Bolton, which is calling for three directors of its 8IP to be replaced.

In a statement to the ASX, Aurora which controls just under 20 per cent of 8EC, the $50 million listed investment company managed by 8IP, cited the fund's trading discount relative to its assets and its investment strategy as reasons for the board overhaul.