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Australia’s Link Administration plans to divest UK-based Link Fund Solutions – Reuters

ByINVESTOR

Oct 20, 2022

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Oct 20 (Reuters) – Link Administration Holdings Ltd (LNK.AX) said on Thursday it will explore options to divest its Link Fund Solutions business, months after Britain’s financial regulator said it may fine the unit in a probe relating to a now-defunct fund.

Link Administration’s proposed A$2.47 billion ($1.55 billion) deal to be acquired by Canada’s Dye & Durham (D&D) (DND.TO) fell through a month ago, after a local court denied approval, citing failure to meet key conditions. read more

The possibility of Britain’s Financial Conduct Authority (FCA) fining the Link unit 50 million pounds, in addition to a potential 306.1 million pounds in redress over management of its now-defunct LF Woodford Equity Income Fund, played a key role in the collapse of the D&D takeover.

The unit is also being sued in the UK for up to 100 million pounds by claims management firm RGL. read more

The FCA did not immediately respond to a request for comment on the potential divestment of the Link unit.

Link Administration is currently is talks with D&D in relation to a revised bid, which could see the share registry firm sell its corporate markets and banking segment for A$1.27 billion. read more

($1 = 0.8913 pounds)

($1 = 1.5946 Australian dollars)

Reporting by Harish Sridharan in Bengaluru; Editing by Shounak Dasgupta

Our Standards: The Thomson Reuters Trust Principles.

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