Home Manufacturer fund Link Fund Solutions CEO resigns

Link Fund Solutions CEO resigns


The company announced on Friday February 11 at Companies House that Addenbrooke had resigned on February 2.

Addenbrooke was appointed CEO of Capita in 2007, then became CEO of Link Fund Solutions in 2017 following the £888m acquisition of Capita by Link.

While at Capita, Addenbrooke oversaw two other scandals, with the company having to pay investors £32m and £66m respectively in 2012 and 2017 for breaking liquidity rules and mis-selling high-risk programs .

However, both were overshadowed by the Woodford Equity Income fund scandal, which collapsed in 2019 leaving millions of investors trapped in the £3billion fund.

Gina Miller asks FCA to replace all of its non-executive directors

The FCA last month came under pressure from Treasury committee chairman Mel Stride, who called on the regulator to investigate the fund “as quickly as possible”.

The FCA previously said it had no end date for the investigation, but said it had conducted all “key interviews” and collected more than 20,000 pieces of relevant material.

In a statement to Investment WeekLink did not mention whether Addenbrooke’s departure was related to the FCA investigation.

“After more than 34 years at Link Fund Solutions, Chris Addenbrooke has made the decision to retire and step down as CEO,” a spokesperson said.

Addenbrooke’s LinkedIn profile has yet to be updated with the news.

Director of Woodford with completed second finance business at WCM Partners

There are multiple ongoing legal challenges in relation to the fund’s collapse, the majority against the authorized company director of the now titled LF Equity Income Fund Link Fund Solutions, with a case from the law firm Leigh Day already underway. processing.

Woodford, who was recently spotted in the Middle East looking for investors, has not yet been sued.

Link has come under heavy criticism in recent months over the liquidation of the fund, which now stands at £124.3m, as it continued to invest in companies favored by Woodford, such as the Mafic basalt manufacturer.

The next fund update should be sent either around March 15 or when the fund can begin its next distribution of capital.