Link Fund Solutions sale edges closer to completion after key condition satisfied
The deal, first announced in April, is expected to be completed in October.
In a notice on the Australian Stock Exchange yesterday (2 August), Link Group said counterparties to Link Fund Solutions' (LFS) contracts, representing the threshold majority of revenue, have agreed to transfer those contracts to Waystone Group on completion of the sale.
It also said full satisfaction of this condition, and completion of the acquisition, remains subject to receipt of certain regulatory approvals in the UK and Ireland, as well as the completion of other administrative formalities.
FCA agrees up to £235m Woodford payout as settlement of Link Fund Solutions investigation
The transaction has also received clearance from the Competition and Consumer Protection Commission of Ireland.
In a statement, Waystone said the purchase will add over $190bn in assets under oversight and administration to the business, along with 600 new staff.
Nancy Lewis, executive chair at Waystone, said: «Today's news represents a major milestone for both companies. We have made significant progress since signing definitive agreements in April and we remain on track to complete in October 2023.»
On 28 July, the Financial Conduct Authority said investors in the former Woodford Equity Income fund (WEIF) could begin to see compensation as early as 2024, subject to the approval of the scheme and completion of the sale of LFS.
Subject to discussions between Link Group and the regulator, and the availability of the court, LFS expected to publish a practice statement letter in September, which will notify investors of the scheme launch and add further details about the key terms of the scheme.
FCA: Woodford compensation payments could begin as early as 2024
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