Conflict over the management and direction of Australia's A$235m International Wine Investment Fund has resurfaced with a disgruntled group of group of Tasmanian investors seeking to remove Berren Asset Management as its managers.

The rebels, representing about 13% of unitholders, would replace Berren with Condor Asset Management.

IWIF chairman Mike Terlet, who is also an independent director of Berren, told the Australian Stock Exchange the rebel group had failed to explain their reasons for seeking Berren's removal or given information on the skills and experience of the proposed replacement.

The next stage is a special unitholder meeting on May 20 to vote on the fund's future. A previous move for a restructuring was overthrown by rebels last month.