Ahead of the release of an FCA report into the closure and collapse of the LF Woodford Equity Income Fund (WEIF), Christopher Addenbrooke resigned as a director of Link Fund Solutions, with effect from 2 February, according to Companies House.
He was appointed chief executive of the authorised corporate director (ACD) in June 2007.
No details were provided beyond his departure date.
Per the latest update from Link, dated 29 November 2021, the fund’s assets total £124.3m.
The sale of the remaining assets “will be completed in 2022”, it added.
The move comes as fatigued investors await the publication of an FCA report into the circumstances surrounding the suspension of the fund in 2019.
“I appreciate that it may be frustrating”
FCA chief executive Nikhil Rathi wrote to the chair of the Treasury Select Committee, Mel Stride, on 15 December 2021 reiterating that “the investigation remains a priority” for the FCA and it “has continued to make progress, with over 45 information gathering requirements now being issued”.
Rathi said that meant “all key evidence has been gathered”.
“We have continued to analyse evidence and have instructed an expert witness to provide an opinion, as well as legal counsel to assist in the evaluation of evidence.”
He added that the aim was to complete the investigation work by the end of 2021, but offered no concrete timeframe for when the report would be published.
Rathi said the “timing of any outcome will be contingent on whether the proceedings are contested”.
“I appreciate that it may be frustrating I cannot provide further information regarding this, but it is important that due process is followed and confidentiality respected with the process is being worked through,” he wrote.
Collapse had a considerable blast radius
Much of the criticism has been aimed at Link, which is accused of failing to maintain appropriate levels of liquidity and, subsequently, not doing enough to support investors trapped in the fund. Additionally, directors at the company pocketed £2.7m in the run up to the fund’s closure.
The regulator’s report is not the only dark cloud hanging over Link, however, with law firm Leigh Day triggering proceedings in September 2021.
The fallout from the collapse had a considerable blast radius. Hargreaves Lansdown, which promoted the fund to retail investors, has also been hit with accusations of failing to do more to protect investors.
