Woodsford becomes first overseas funder to obtain AFS licence under new regime

A lawyer returns home to serve as Woodsford Australia Limited’s senior investment officer

Woodsford becomes first overseas funder to obtain AFS licence under new regime

Woodsford has become the first overseas funder to obtain an AFS licence from ASIC under the new regulatory regime that came into force last August.

With the licence, Woodsford subsidiary Woodsford Australia Limited has the authority to fund class actions in Australia as managed investment schemes. The funder is among only a few litigation funders with this authorisation.

“Woodsford is delighted to have been granted an AFS licence by ASIC and is intent on funding many new, meritorious class actions in Australia. We are currently considering a number of class action opportunities in Australia, in addition to those we have already funded, and are committed to continuing to provide avenues for Australian claimants to access justice,” said Charlie Morris, EMEA and APAC chief investment officer.

Moreover, Woodsford has brought lawyer Alex Hickson home to serve as its senior investment officer in Australia. For some time, Hickson has been guiding the growth of the litigation funder’s Australian arm from its London headquarters.

“Now is a great time for my return to Australia, with Woodsford well positioned to become further entrenched in the Australian legal world,” he said.

Hickson will be working together with Australia director and head of origination Clare Owen, who operates from Brisbane.

“The granting of the AFS licence and Alex’s relocation to Australia is testament to our commitment to and success in the Australian market. It is exciting times for Woodsford’s Australian business, which continues to go from strength to strength and which I’m proud to be a part of,” Owen said.

Woodsford also said that the licence and the relocation of Hickson demonstrate the value of the Australian market to the litigation funder.

Last year, Woodsford joined up with Burford Capital, Harbour Litigation Funding, Longford Capital Management, Omni Bridgeway and Therium Capital Management to form the International Legal Finance Association, the first global association dedicated to the commercial legal finance industry.

Related stories

Free newsletter

Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer.

Recent articles & video

"Stay in Sydney" – NSW hit by "very serious" outbreak

KWM bolsters partnership with 10 promotions

Baker McKenzie advises HSBC on billion-dollar sustainability-linked loan

UK Bar Council voices support for trans-inclusivity in the legal profession

Australasian Lawyer opens entries for its Fast Firms 2021 report

Money no longer the biggest drawing card for New York’s legal talent, study finds

Most Read Articles

New CEO steps up at MinterEllison

Sydney trademark law star named NRF’s new global IP head

Australasian Law Awards 2021 crowns the winners of the industry and firm categories

‘Being a commercial lawyer is about more than just the law,’ Lander & Rogers partner says