Iii

planteria

Nocto wrote: »

...Marlborough Special Situations P Acc - 2nd Jan 2013

II may be wriggling and trying to get out of it, but I think they’ll find that the units were available at the time of conversion…

interesting. and as above, if they've moved you to less than the cleanest option they offer, i would push them:doh:

i have this fund in my SIPP:
Marlborough Special Situations P Acc which seems to be the cleanest version of MSS to be invested in.

in my ISA i have two funds:
Smith & Williamson Global Gold & Resources B (just converted from Smith & Williamson Global Gold & Resources A Inc)
CF Eclectica Agriculture C GBP

i think i am in the cleanest versions:think:

juliamarsh

planteria wrote: »

i have this fund in my SIPP:
Marlborough Special Situations P Acc which seems to be the cleanest version of MSS to be invested in.

That is very useful information - can you tell me how long you have held this fund with them in case they try to fob me off and say it wasn't available on their platform when the conversion took place. Many thanks

eyeonretirement

Me too.

They have converted my Marlborough Special Situations A Acc to the B fund rather than the P.

Have sent them a secure message.

juliamarsh

eyeonretirement wrote: »

Me too.

They have converted my Marlborough Special Situations A Acc to the B fund rather than the P.

Have sent them a secure message.

Likewise. Please do report back how they respond. If enough people complain hopefully they will be forced to rectify it.

planteria

juliamarsh wrote: »

That is very useful information - can you tell me how long you have held this fund with them in case they try to fob me off and say it wasn't available on their platform when the conversion took place. Many thanks

julia,
"Marlborough Special Situations P Acc
Date 07-11-2014
Type B"
i can't see my history.. to be honest i've forgotten now whether it was a manual/iii conversion.

juliamarsh

planteria wrote: »

julia,
"Marlborough Special Situations P Acc
Date 07-11-2014
Type B"
i can't see my history.. to be honest i've forgotten now whether it was a manual/iii conversion.

But whichever type of conversion it was, you have held the P version with them since 07-11-2014, right?

planteria

i think so julia.. unless it was previously a different class that they are now categorising as a continuous holding? i don't they can be doing that.. the "s indicate that is a copy from iii.co.uk

juliamarsh

This is the response I have just received from II:-

'Our Fund Conversion Team have checked with the individual fund managers and been advised that the cleaner class alternatives you have identified all have a minimum investment of 10 million GBP. As such, while they are indeed cleaner they are not available for us to convert you to on an individual basis. The funds that we have converted to are the cleanest available based on the minimum investment level. '

You aren't lucky enough to have £10 million invested in Marlborough Special Situations P Acc are you, planteria?!?! If not, then sorry to be a nuisance but could you give me the ISIN No. of the fund you actually hold (you can click on the name of the fund within your SIPP and it will take you to the page) so that I can refute their allegation!!

juliamarsh

Well, the plot thickens. Having looked at the Key Investor Information Documents for the Newton W funds it appears II are right, they all do have minimum investments of £10 million. Nevertheless I had a secure message from them last week saying that they were going to convert my holding in Newton Global Income B to W from 18th March so I am intrigued to see what is going to happen, as sadly my current holding is worth a tad short of £10 million!!! :rotfl: Maybe I will get £10 million worth of W in exchange for my current £6000 B holding....I wouldn't put anything past Interactive Investor and t'would be nice if a mistake was made in my favour for once!! Won't be hounding them if it is, will be relocating to Bermuda!!!! :T

Marlborough Special Situations appeared to have a minimum investment of £1000 but when I looked closely II's link has taken me to the fact sheet for the A class (the dirty version) and not the P version. I found the correct factsheet on HL's website and that apparently has a minimum investment of £1 million. What confuses me is that all these funds are apparently available with HL with a minimum investment of £100 - how can that be?

Nocto

I think that you’ll find that most ‘clean’ fund units have very high minimum investments. These figures only apply if you were to invest directly with the fund manager.

All brokers such as II, HL, Fidelity, etc. etc. can use the cheaper units as our investments are pooled together in nominee accounts.

The fact someone at II doesn’t seem to understand this shows a frightening lack of understanding about the business they are in..!

:wall: