UPDATE 1-Smaller Woodford fund suspension extended as Link reviews options

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LONDON, Dec 4 (Reuters) - The LF Woodford Income Focus Fund will remain suspended while its authorised corporate director Link Fund Solutions reviews two options for it, Link told investors on Wednesday.

Link said in a letter it was considering whether to hire another manager for the fund, which Morningstar says has 245 million pounds under management, to replace veteran manager Neil Woodford or to transfer its assets into another fund.

Link said on Oct 16. that it had suspended trading in the income focus fund, a day after Woodford shut his firm following his sacking as manager of his 3 billion pound ($3.85 billion) LF Woodford Equity Income Fund.

The closure of Woodford Investment Management followed the freezing and subsequent wind-down of the equity income fund. The equity income fund's troubles caused outcry among investors and lawmakers and prompted a regulatory probe.

"The review, of whether either of these options is in the best interests of investors, is continuing and will be concluded soon," Link said of the income focus fund, adding this would be no later than Dec 30. ($1 = 0.7794 pounds) (Reporting by Carolyn Cohn; editing by Simon Jessop and Alexander Smith)