Link Fund Solutions CEO steps down

Chris Addenbrooke, CEO of Link Fund Solutions, has taken the decision to retire, ahead of the conclusion of an investigation by the Financial Conduct Authority into the failed Woodford Equity Income fund.

The company announced on Companies House on Friday (11 February) that Addenbrooke had stepped down on 2 February.

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

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

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

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Last month, the FCA came under pressure from chair of the Treasury Committee Mel Stride, who called on the regulator to bring the investigation into the fund to "as swift as possible a conclusion".

The FCA has previously said it has no end date for the investigation, but stated that it has conducted all "key interviews" and gathered over 20,000 items of relevant material.

In a statement to Investment Week, Link did not mention whether Addenbrooke's departure was related to the FCA investigation.

"After more than 34 years with Link Fund Solutions, Chris Addenbrooke has taken the decision to retire and is stepping down from his role as CEO," said a spokesperson.

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

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There are multiple ongoing legal challenges in relation to the collapse of the fund, with the majority aimed at authorised corporate director of the now titled LF Equity Income fund Link Fund Solutions, with one case from law firm Leigh Day already on its way to court.

Woodford, who was recently spotted in the Middle East hunting for investors, has not yet had legal action brought against him.

Link has faced strong criticism in past months over the wind-up of the fund, which now sits at £124.3m, as it has continued to invest in companies favoured by Woodford, such as basalt manufacturer Mafic.

The next update on the fund is expected to be sent either around 15 March or when the fund can commence its next capital distribution.