The deal, which closed yesterday, will see some of Link’s 600 staff join Waystone.

It will also put compensation for investors in the Woodford Equity Income Fund a step closer.

Waystone said the deal would allow it to expand its footprint globally in several countries, as well as boosting assets under administration to over £1.64trn.

All of the existing Link Fund Solutions UK investment managers and sponsors have now transferred to Waystone.

Nancy Lewis, interim executive chair at Waystone, said: “After months of hard work from both teams and multiple regulatory bodies, we are delighted to welcome all LFS staff to the Waystone family.

"This is the start of a new chapter for both businesses, building a stronger platform – with further international expertise and capability – to service our current and future clients.”

Karl Midl, CEO of Link Fund Solutions, said: “This is an exciting moment for the team and our clients. Together, we will be able to provide current and new sponsors, clients and investment managers with a more comprehensive set of services to support their, and their investors’, needs as they continue to evolve and grow.”

The deal puts a payout for investors in the Woodford Equity Income Fund closer to realisation, following an agreement with the FCA.

The regulator said in April that Link Group (former parent of Link Fund Solutions) agreed to pay redress to investors who were hit by the collapse of the fund in 2019, partly financed by the sale of Link Fund Solutions to Waystone.

A court hearing is scheduled today to outline the next steps for the redress scheme.

Investors in the fund will also have to give the scheme the go-ahead.

Last month Link said it expects to begin making payments of £230m in redress to Woodford investors in the first quarter of 2024.

Up to 300,000 investors in the defunct Woodford Equity Income Fund should start to get compensation from the redress fund by early next year.

Investors have been waiting for five years for the redress scheme after the fund failed in 2019.

The first distribution from the Settlement Fund, estimated to be between £180m and £200m, is expected to be paid as soon as the first quarter of 2024.

The FCA first agreed redress proposals with Link in April.

Therese Chambers, joint executive director of enforcement and market oversight, told investors the redress proposed reflects the FCA’s assessment that those who held investments when the fund was suspended lost out compared to those who got out early.

She said: “That’s because some of the remaining investments were less liquid and took much longer to sell. Regulation cannot compensate for an investment strategy turning sour – and in this case the strategy was transparent and well disclosed. Risk of loss is the flip side of potential return. Instead, we’ve focused on the unfairness of poor liquidity leading to investors losing out.”