Waystone Group to acquire Link Fund Solutions
This transaction is a major milestone for both companies. Waystone’s goal is to work with investment managers and fund sponsors to build and support fund structures, and to protect the interest of fund investors. Today’s acquisition will boost Waystone’s ability to service a broader pool of investment managers and sponsors and bring a greater number of products and services to them.
About the acquisition
The acquisition, which follows Waystone’s acquisition of T. Bailey Fund Services in 2022, will broaden Waystone’s UK offering to include alternative administration. In addition, it further expands the Group’s administration offering following its acquisition of Centaur Fund Administration in January 2023, together with a further strengthening of the Group’s Irish Management Company (“ManCo”) offering following the acquisition of KB Associates in 2022. It will also add over US$190bn in assets under oversight and administration, and see 600 staff globally join Waystone, including the establishment of the Group’s first office in India where it will now have around 150 employees.
By coming together with Waystone, the sponsors, investment managers and their underlying investors will benefit from a stable and sustainable foundation as Waystone continues to grow in Ireland, the UK and beyond, providing the opportunity to grow existing funds, launch new products and better serve their investors and the wider investment community.
Rachel Wheeler, CEO Global Management Company Solutions for Waystone, said: “We believe that Waystone is uniquely positioned to take LFS forward, providing quality global solutions to support its fund sponsors, investment managers and their underlying investors. We look forward to fully supporting the LFS team and enabling them to focus on continuing to provide exceptional service.”
Karl Midl, CEO of LFS, added: “We are delighted to be joining Waystone who are well known as a leading European fund services provider in our industry. The diversity of our client base requires significant investment in product enhancement – joining Waystone will allow us to further develop and expand our offering and invest in supporting our clients’ needs as they too continue to evolve and grow. We look forward to working with Waystone to continue to build the confidence of asset managers, asset owners and investors in the fund market.”
Nancy Lewis, Executive Chairman, Waystone said: “The LFS acquisition further underscores Waystone’s strategic ambition of becoming a global leader in asset servicing. With our dual strategy of external and organic growth, driven by strong leadership and senior management, we will continue to expand our reach and deepen the quality of services we offer worldwide. We’d like to thank the teams involved at LFS, Waystone, the relevant Regulators, and all the other partners that have worked to successfully achieve this outcome.”
Waystone is a leading provider of institutional governance, risk and compliance services to the asset management industry. Partnering with institutional investors, investment funds and asset managers, Waystone builds, supports and protects investment structures and strategies worldwide. With over 20 years’ experience and a comprehensive range of specialist services to its name, Waystone is now supporting asset managers with more than US$2tn in AUM. Waystone provides its clients with the guidance and tools to allow them to focus on managing their investment goals with confidence.
About Link Fund Solutions
Link Fund Solutions is an independent provider of Authorised Fund Manager (AFM) and administrative services for £160bn of assets under oversight and administration with over 40 years’ experience of regulatory and administrative services including the establishment and ongoing servicing of the funds, working in partnership with investment managers, wealth managers, boutiques and sponsors.
Nepean press contact: Gavin Davis (+44 7910 104660) and Harry Roxburgh (+44 7814 372664)