Following an investigation by the UK Financial Conduct Authority (FCA), Link Fund Solutions (LFS) has agreed to provide, with a material contribution from its ultimate parent, Link Administration Holdings (Link Group), a significant redress payment to investors in the LF Woodford Equity Income Fund (the WEIF) of up to approximately £235 million.
The redress is to cover losses to over 300,000 investors in the WEIF as a result of failures by LFS, as the authorised corporate director (ACD) of the WEIF, in managing the liquidity of the fund.
The agreement is subject to completion of a sale of the Link Group’s Fund Solutions business, which includes LFS’s business and other additional assets by Link Group, to the Waystone Group (Waystone) and the approval by the investors and the Court of a scheme of arrangement to resolve all LFS’s liabilities relating to the WEIF…
Read More
