Transferring funds - would appreciate some advice

Gaaraz

Hi,

I currently hold the following with HL:

ISA:

Vanguard Lifestrategy 100% - £19k

Regular fund account:

Aberdeen Asian Smaller Companies - £1.5k
Cazenove UK Smaller Companies Class B Accumulation - £7.5k
Marlborough Multi Cap Accumulation - £3.5k
Marlborough UK Micro Cap GrowthAccumulation - £3k
Unicorn UK Income Fund Accumulation Units - £2.5k

My plan is to hopefully switch all of my funds across to Charles Stanley Direct, but leave my shares (and single ETF) in Hargreaves Lansdown.

I was thinking of selling the Unicorn UK Income and Aberdeen Asian funds and moving the amounts into my Marlbrough funds to keep the fund transfer fees down... as far as I can tell, to move the 4 funds would then cost £100. Plus £30 for closing the ISA - £130 in total (eeek!)

Is there a more efficient way of doing this? Or is there anything I've overlooked?

Thanks

Rollinghome

Gaaraz wrote: »

I was thinking of selling the Unicorn UK Income and Aberdeen Asian funds and moving the amounts into my Marlbrough funds to keep the fund transfer fees down... as far as I can tell, to move the 4 funds would then cost £100. Plus £30 for closing the ISA - £130 in total (eeek!)

Is there a more efficient way of doing this? Or is there anything I've overlooked?

Thanks

You won't pay the account closure fee if you get out before June but I'd be tempted to whack the lot into just the Vanguard fund for the purposes of the move. Yes, the Cazenove fund is to be hard-closed and you won't be able to get back in but if a manager needs to hard close it's often a good signal to move anyway.

Is there any reason why you want to keep shares with them? Their fees are already among the highest for share-dealing and they intend to pile on still more fees. As it appears they are unilaterally changing the terms of the contract for share-dealing to your detriment you might consider asking them nicely for a free transfer out and refer it to the FOS if they refuse.

Gaaraz

Thank you, so you think it could be an option just to liquidate all of my non-Vanguard funds and move them across manually? Or are you suggesting just to not bother with anything other than the Vanguard index tracker?

I would keep my shares with HL to avoid paying the dealing charges twice I think... but any future purchases would be through Charles Stanley.