Iii

juliamarsh

Yes, that does sound worrying!! It sounds as if they are trying to find any excuse to wriggle out of changing my funds over! I thought about trying to place a buy order for these funds, see if it is accepted and then cancel it as I have £1000 cash on my SIPP waiting to be invested. That would give me an answer once and for all as to whether these funds are available for me to purchase on their platform. Does anyone know, can I cancel an order before the trade is executed and if so will my trading commission be reinstated (which will be deducted automatically when I place the order)? I have sent them a secure message asking these questions but have yet to recieve a reply. (Not told them why I want to know!)

Nocto

I’m not sure if you can place, then cancel an order. But according to II’s own factsheet Newton Asian Income W Inc has a minimum purchase of £20 (as I think do most funds).

So if I don’t get any sense out of them about converting the ‘Inst’ units they’ve given me, I shall purchase £20 worth of the ‘W’ units and ask them, “What seems to be the problem with converting the rest?”

Since my unused ‘commission credit’ expires in a couple of weeks time I might as well use it for something useful!

juliamarsh

Thanks Nocto, I have plagiarised your very useful information in order to compose the following reply to Interactive Idiots:-

'Most ‘clean’ fund units have very high minimum investments. These figures only apply if investing directly with the fund manager. All brokers such as II, HL, Fidelity, etc. can use the cheaper units as their clients' investments are pooled together in nominee accounts.

All the funds which I have asked you to convert into are available to purchase on your platform with a minimum investment of £20. They are also available within an ISA which would not be the case if the minimum investment was £10 million, since the maximum allowed within an ISA is £15240!! Your reply shows a frightening lack of understanding about the business you are in. Please confirm that you will be proceeding with the conversions I have requested. If I do not receive a satisfactory response this time I will go straight to Julie Baxter again.'

Watch this space....I am not wasting my time replying to them again, if they come back with any more nonsense I will just get onto Julie Baxter.....AGAIN!!!! :mad:

Nocto

I love it - that should certainly put the wind up them!

Well spotted about the funds being available in an ISA, I hadn’t thought of that…

Given that they are currently reading your message and scratching their heads, I think that I’ll fire one off later enquiring about how the conversion of my Newton Asian Inc to ‘W’ units is going?:D

juliamarsh

Yes, definitely do that!! I think we can claim a joint effort here, I thought of the funds being available within an ISA but I would probably have taken their word for it about the minimum investments if you hadn't set me straight on that one! Now that I think about what they wrote it does seem ludicrous. I had spotted the £20 minimum purchase but assumed it was a mistake!

Note to self: Never, EVER be tempted to take II's word for ANYTHING!!!!!:eek:

Chickereeeee

juliamarsh wrote: »

They are also available within an ISA which would not be the case if the minimum investment was £10 million, since the maximum allowed within an ISA is £15240!!

Um - not true. You can only put £15240 into an ISA per YEAR. There is no maximum allowed within an ISA. Your ISA may have many years of maximum contributions in it, plus growth.

Still good going to get to £10M, though.....

C

xylophone

If you check the II fact sheet for the fund you wish to purchase, it tells you the minimum purchase amount they will accept and whether the fund is available in an ISA.

The important point is the minimum purchase amount whether or not in an ISA.

One point I would make is that while I was able to purchase Invesco Perpetual Distribution Gross units when I held my ISA with HL, I had to ring them every time I wished to do so.

I have always been able to purchase Z Gross Inc on line with II.

masonic

juliamarsh wrote: »

'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. '

Are they really trying to make you believe that when they hold, say, £10 million of a fund in the name of Interactive Investor Nominees Ltd and within their platform divide that up between say 2000 customers, when they convert the fund they are dividing it up and re-registering each portion into the customers name, sending off a 2000 requests to the unit trust manager, waiting for all of those to be processed, then when they receive the 2000 converted holdings, they are re-pooling them into their collective nominee account?

:rotfl:

juliamarsh

Chickereeeee wrote: »

Um - not true. You can only put £15240 into an ISA per YEAR. There is no maximum allowed within an ISA. Your ISA may have many years of maximum contributions in it, plus growth.

Still good going to get to £10M, though.....

C

True enough, I stand corrected....would like to get my hands on that investment......you would have to be some whizzkid investor to have racked up £10 million since ISAs began in order to have the necessary lump sum to invest in these funds according to II!! What I suppose I meant was if someone was looking to invest their annual ISA allowance in that fund they wouldn't be able to if what II told me was correct.

Nocto

juliamarsh wrote: »

Yes, definitely do that!! I think we can claim a joint effort here, I thought of the funds being available within an ISA but I would probably have taken their word for it about the minimum investments if you hadn't set me straight on that one! Now that I think about what they wrote it does seem ludicrous. I had spotted the £20 minimum purchase but assumed it was a mistake!

Note to self: Never, EVER be tempted to take II's word for ANYTHING!!!!!:eek:

I’ve sent them a very polite message thanking them for the conformation that they’ll be converting my Newton Global Income fund to the cleaner ‘W’ units, pointed out to them (again!) that ‘W’ units are also available for my holding of Newton Asian Income (quoting ongoing charge & minimum purchase from their factsheet), and asked them to confirm that they’ll also be converting this fund for me too…

I am starting out with the obsequiously polite approach - before building up to another Facebook rant if I get nowhere.