All existing LFS UK investment managers and sponsors have transferred over to Waystone and, with the merger of KB Associates completed in September, the company is now looking after more than $2trn in assets.
The completion of the deal marks the meeting of a significant condition to release the potential settlement for investors in the former Woodford Equity Income fund, if they vote in favour of the scheme.
The deal adds $190bn in assets under oversight and administration to Waystone, as well as 600 staff, expanding the firm's presence in existing and new jurisdictions, including India.
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All existing LFS UK investment managers and sponsors have transferred over to Waystone and, with the merger of KB Associates completed in September, the company now oversees more than $2trn in assets.
Nancy Lewis, interim executive chair of Waystone, said: «After months of hard work from both teams and multiple regulatory bodies, we are delighted to welcome all LFS staff to the Waystone family. This is the start of a new chapter for both businesses, building a stronger platform — with further international expertise and capability — to service our current and future clients.»
Karl Midl, CEO of Link Fund Solutions, added: «This is an exciting moment for the team and our clients. Together, we will be able to provide current and new sponsors, clients and investment managers with a more comprehensive set of services to support their, and their investors', needs as they continue to evolve and grow.»
The Financial Conduct Authority confirmed last week it will publish its «full and detailed» findings of its investigation into LFS' role into the former Woodford Equity Income fund if investors vote
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