Waystone exits jeopardise plans to sell Neil Woodford’s administrator LFS

Doubts over the sale of Neil Woodford’s administrator Link Fund Solutions arise as Waystone Group experiences the departure of three senior directors jeopardizing plans to sell the company. The sale proceeds would be used to compensate thousands of investors awaiting compensation from Woodford’s col

March 31, 2023 . 4:34 PM

1 min read

Waystone's CEO, CFO and COO have left the company causing doubts over the sale of Neil Woodford's administrator, Link Fund Solutions, to Waystone Group.
Link Fund Solutions was responsible for overseeing liquidity in Woodford's funds, which were suspended in 2019 when investors rushed to withdraw their money as performance plummeted.
Link Group said on Thursday morning that talks with Waystone were continuing, but warned that it would miss Friday’s deadline. It is aiming to reach an agreement next month.
The proceeds from the sale of LFS would be used to compensate investors, and the FCA has provided time for Link Group to sell LFS and raise the money to compensate investors.
The collapse of Woodford’s flagship £3.7bn Equity Income fund left some 300,000 investors trapped, in one of the biggest recent scandals in UK investment management.