In specie or cash

Aminatidi

Check with the platforms as suggested.

I recently transferred two ISAs to HL and for each one most of the holdings were transferred within a week which stunned me.

Lindsell Train Global Equity took several weeks if I recall, no obvious reason and when I queried it there was mention of faxes being sent and all kinds of archaic crap.

Alexland

Aminatidi wrote: »

Lindsell Train Global Equity took several weeks if I recall, no obvious reason and when I queried it there was mention of faxes being sent and all kinds of archaic crap.

If you were transfering to HL they were hopefully converting LTGE into special discounted Class D units?

Alex

Aminatidi

Not as part of the transfer, they came across as class B (I think) then I switched/converted via HL.

jaybeetoo

If you go in specie, keep an eye on what is happening. You can’t rely on the receiving and sending platform to be on top of things.

One investment trust (IT) I held had a corporate action right in the middle of the transfer (it moved from one stock exchange to another). The receiving platform said it couldn’t receive the IT and said I’d have to do a cash transfer until I pointed out what had happened.

I also had one unit trust go into a holding account and the receiving platform couldn’t find it as they had the wrong reference number.

The transfer system can be painful and desperately needs an overhaul.

Albermarle

I am aware of the 'being out of the market' issue when transferring in cash

In my mind this is not such a big issue, as there is a 50% chance it could work in your favour .

Alexland

Albermarle wrote: »

In my mind this is not such a big issue, as there is a 50% chance it could work in your favour .

Yes but if all you are trying to achieve is a platform transfer do you really want to see a potential permanent loss of capital while the money is in cash before you reinvest and buy less units? However I am still chuffed with the random gain we made while out the market switching funds and calculated that will be enough to pay our iWeb trade costs for the next 20+ years.

EdSwippet

Albermarle wrote: »

In my mind this is not such a big issue, as there is a 50% chance it could work in your favour .

It's closer to 46% chance in your favour -- that is, that you miss a drop -- according to this paper:

https://www.crestmontresearch.com/docs/Stock-Yo-Yo.pdf

My own personal statistic seems to be 0% chance in my favour. Whenever I'm forced to cash for any reason, I always miss a run-up in markets, never a drop. In specie for me every time, then.

PurpleJellyFish

I transferred as cash - it was out of a group scheme though so the fund wasn't open to me with a new provider.

Can't comment 'in specie' but my providers - Fidelity to Close Brothers - was sorted within 5 days for cash. It actually might have been sooner but I wasn't watching it like a hawk. May be down to provider as well as method. My first dealing with Close Brothers have been nothing but positive - even an error in executing a trade was resolved promptly and only loss calculated and recreditied within a day.