Dissident unitholders of Australia's International Wine Investment Fund (IWIF) have failed in a third attempt to dump the management of the A$180m fund. The proposed replacement did not have the right financial licence.

The rebel unitholders have 13.4% of the fund.

The existing manager, Berren Asset Management, hopes to resolve the protracted impasse within days.

Chairman Mike Terlet said the fund's investment activity had been virtually stalled because of it.

IWIF has stakes in Australian producers Foster's, McGuigan Simeon and Evans & Tate together with a holding in the US Constellation Brands dating from that group's takeover of BRL Hardy in which the fund was a major holder.

IWIF also has A$80m in cash.