Fund Transfers - Name and shame - or praise

Imnoexpert_2

I am getting very frustrated at the length of time it has taken to transfer funds from one fund 'supermarket' to another. In my case it is from Hargreaves Lansdown to Interactive Investor and there are other threads where these are being discussed.

I am being told the industry is swamped.

I wonder if we can establish if some fund managers are quicker or slower than others. This seems to have happened in my case. We could then praise the quick and chastise the slow. We might even give them a prod with a sharp stick (like the passport office has had) and encourage them to employ extra staff or devote more resource to it if they feel they may face a PR firestorm.

Less slow - Well done :T
HSBC
First State
Marlborough
Newton
Unicorn
Neptune
Blackrock

The snails - must do better:sad:

Too many to list but I will highlight the slowest half dozen later..

Please help by adding your list quicker and slower transfers. Lets get a campaign going!

DiamondLil

Quickest:
Schroder - about 8 weeks to transfer to II. (Which, with the benefit of hindsight, is super-fast).

Henderson took 12 weeks to transfer ISAs, but another, non-ISA Henderson fund is showing no sign of moving after 14 weeks.
Also 14 weeks and counting: Invesco Perpetual and Fidelity Funds Network.

And one Jupiter fund has disappeared completely.
Jupiter wrote to me on 17th. April to inform me that they had transferred the units to II and that's the last I saw of that particular fund, despite two further Jupiter funds having moved over after about 8 weeks.

InkZ

Also transferring pension funds. Scottish Widows was quite fast and only took a couple of months, but Friends Life was a joke. Took about 6 months!

vectistim

Franklin
First State
Marlborough
IP
Newton
JPM
Ignis

Without checking I think this is about the order beginning with slow at the top and reaching the immovable object at the bottom.

ozzage

My Vanguard funds are taking absolutely forever

I got my Standard Life Global REIT fund over pretty quickly
M&G was tardy but got there eventually
Vanguard I'm still waiting...

masonic

For me Vanguard was the fastest (about 8 weeks), Aberdeen, First State and Marlborough took another 2-3 weeks and the slowcoach for me was Blackrock, which took a total of 12 weeks.

I suspect the fund managers collect reregistration orders up and process them in bulk (makes no sense for them to reregister X units of a fund from HL to III, then the next day reregister another Y units between the same platforms), so the speed will depend on which date in the month/quarter they receive your request.

Fibreoptic

In the process of transferring some funds to iii from HL

I have chased up the reason for the delays and HL have put this down to some individual fund managers.

Invesco perpetual being one. Apparently they still do individual paperwork transactions rather than electronic online moves.

I also suspect that we had all decided to move at the same time adding to the problem. Hopefully things will calm down eventually but it is worrying.

Most funds are now showing in my new iii account, one is still showing with HL and a couple are still "lost in the system" like the ones showing up in iii are.

Hopefully the regulators can investigate better processes to speed things up and get rid of all exit fees too. As I see that as another way of trying to stop you moving.

My transfer is now being measured in months rather than weeks. The plan was for the transfer to take approx 6 weeks to be expected.

I dont know what would happen if I wanted to sell and cant and suffer a loss of some sort due to timing?

Better_Call_Saul

Would transferring into a cash fund within the original fund supermarket then transferring to a holding fund in the new platform and re-opening your chosen funds be faster?

masonic

Better_Call_Saul wrote: »

Would transferring into a cash fund within the original fund supermarket then transferring to a holding fund in the new platform and re-opening your chosen funds be faster?

Consolidating into a single fund could be quicker depending on how quickly that single fund transfers. The larger number of funds you have, the more likely you will have at least one slow fund.

Consolidating into a single ETF or IT could be considerably faster since share re-registrations are generally faster.

Liquidating your holdings into cash should be a lot faster (2-3 weeks) in most cases, but there is one example of someone waiting just as long because the transfer cheque got lost/misfiled or they got caught up in anti-money laundering red tape.

All of these options may involve trading costs and will involve potential losses (or gains) from being out of the market. At least with a standard in specie transfer, no matter how slow it is, you end up with exactly what you started with.

nrsql

I sent in the transfer at the beginning of March and have one left to go - not sure what. HSBC were slow and completed last week.

Imnoexpert_2

My shame list

JP Morgan
M&G
Aberdeen
Axa
Jo Hambro

Come on guys get a move on!