Waystone Group clears major hurdle in LFS acquisition

DUBLIN, IRELAND — The Waystone Group announced today that key contractual conditions in acquiring Link Fund Solutions’ (LFS) Irish and United Kingdom businesses have been met. 

A majority of LFS contract counter-parties, representing the threshold majority of revenue, have consented to transfer these contracts to Waystone upon the deal’s completion.

However, the acquisition’s finalization still depends on certain regulatory approvals from the UK and Ireland, along with other administrative formalities. Waystone also received clearance for the transaction from the Competition and Consumer Protection Commission of Ireland.

The purchase of LFS will significantly expand Waystone’s offerings in the UK and Ireland to include alternative administration. The acquisition adds over US$190 billion in assets under oversight and administration, with 600 global staff members, including establishing the first Waystone office in India, consisting of roughly 150 employees.

Nancy Lewis, Executive Chairwoman of Waystone, referred to the news as a major milestone for both companies. The companies remain on track to complete the transaction by October 2023.

Waystone is a prominent provider of institutional governance, risk, and compliance services to the asset management industry, supporting more than US$2tn in Assets under Management (AUM). LFS, with over 40 years of experience, provides Authorized Fund Manager (AFM) and administrative services for £160bn of assets.

In May, Waystone Group announced its intent to acquire Link Fund Solutions’ (LFS) Irish and UK businesses. This deal was structured to finance a redress scheme for investors in the Woodford Equity Investment Fund, which faced a significant collapse in 2019.