Britain imposes conditions on takeover of Woodford-linked fund manager
LONDON (Reuters) – Britain’s markets watchdog on Monday imposed conditions on Dye and Durham’s takeover of Link Fund Solutions, saying Link could be required to pay up to 306 million pounds ($358.14 million) following the collapse of the LF Woodford Equity Income Fund (WEIF) it managed.
Link was the FCA authorised coporate director of the 3.7 billion WEIF which was closed in October 2019 and whose assets had been picked by veteran manager Neil Woodford.
“The Financial Conduct Authority has therefore decided to approve D&D’s acquisition of LFS, subject to a condition to commit to make funds available to meet any shortfall within LFS in the amount available to cover any redress payments LFS may be required to make,” the FCA said in a statement.
($1 = 0.8544 pound)