Asset servicing group Waystone has announced that it has completed the transaction to acquire the Irish and UK businesses of Link Fund Solutions (LFS), a division of Link Group, with regulatory approvals and other contractual conditions completed.
The firm writes that the transaction will see over 600 experienced professionals join the business and significantly expand Waystone’s presence in existing and new territories, including India. The firm says that with the addition of LFS’s UK ACD, Irish ManCo, Fund Administration and TA businesses, Waystone has broadened its comprehensive and global suite of services and bolstered its ability to provide clients and investors with best-in-class governance and oversight.
All of the existing LFS UK investment managers and sponsors have transferred to the Waystone Group, demonstrating clients’ confidence in the combined business post-merger. Along with the KB Associates corporate merger which finalised in late September, Waystone is now supporting asset managers with more than USD2 trillion in AUM.
The announcement follows the news that Waystone has appointed a new Global CEO, Sanjiv Sawhney. Sanjiv will join Waystone from Citi, where he led global and regional Investor Services teams for the last 15 years.
Nancy Lewis, Interim Executive Chair, says: “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, says: “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.”