SVS Securities - shut down?

Thrugelmir

Alexland said:

If you email the Jarvis X-O customer services people with the list of shares you wish to transfer and/or trade they should be able to confirm if it will be possible. Of the many platforms we have held accounts with they are one of the best for replying to messages quickly and efficiently.

You can obtain the stock code from the London Stock Exchange website. 

dales1

Last month I had in mind a particular ETF. But the Jarvis site did not show it available.

I emailed them, and within an hour I could buy it - what a great response !

That's really good service !

Alexland

dales1 said:

Last month I had in mind a particular ETF. But the Jarvis site did not show it available.

I emailed them, and within an hour I could buy it - what a great response !

That is impressive, it took Halifax Share Dealing who operate iWeb around 3 months to add an investment for me.

manorhouse

It would be great if this new Broker had the sense to follow jarvis lead and have different types of accounts .
And match the Jarvis ox platform , to retain us  .
I posted i got the pets ( Taken shares ) back on my birthday for same price , got over three times as many today for 197p .
Maybe i would of waited if i had not read the posts on here suggesting i would of bought in Dec 2019 .
How those posters came to that conclusion i do not know .
Sorry for not finding time to go back through these pages masonic as you requested and find those references i am just so busy of late . ( my memory might be wrong )
I have not had time to go through the L.C e-mail as its a palaver to get in with the pass words which are buried under some pile , since using several months ago . 
What was the worry's about interactive brokers some months back , was it the USA protection and not covered by uk protection ?
 

pafpcg

manorhouse said:

......
I have not had time to go through the L.C e-mail as its a palaver to get in with the pass words which are buried under some pile , since using several months ago . 
.......

I was in the same situation, so I used the "Forgotten Password" option and it was easy to set-up a new password to access the Client Portal.  All you need is the email address you used - I assume it'll be the address used by LC to send you the latest update email.

My2penneth

The wife and I have 4 accounts (2 ISA's and 2 trading accounts). I downloaded the statement dated 18th May 2020 from the portal.  I ticked off the dividends listed for each of the 4 accounts.

 All seems to be in order (*)  except for dividends from the (few) ETFS which we hold. They do not appear to have been paid. 
The ETFs in question are iShares and SSGA...both registered in Ireland. I have asked the administrators to investigate.   
All other dividends seem to have been "captured" and are listed fully (company name, dividend rate, pay date, amount).


(* I keep a spreadsheet of dividends that I was expecting).

Alexland

leonde said:

Am I correct in saying that iWeb have now removed their notice about pausing transfers-in?

I can't see it on their website and it was prominent before.

manorhouse

This is interesting news from one of the brokers we are considering .
More so as i read the day before they stated big inflow of new funds which of course boosted share price .

AJ Bell PLC - Senior managers and directors sell 1.7 million shares at 448.64 pence, worth GBP7.6 million on Thursday. Fergus Lyons, managing director of AJ Bell Investcentre, sells 1.3 million shares. Associate Caroline Anne Lyons sells 25,000. CFO Michael Summersgill and Lucy Summersgill sell 425,000 shares. Non-Executive Director Simon Turner sells 10,000. Fergus Lyons remains interested in 17.5 million shares, a 4.3% stake. Michael Sumersgill still has 1.5 million share and Turner 269,142. The director sales came as Numis Securities Ltd on Friday confirmed that Invesco Asset Management Ltd had sold 31.0 million shares in the stockbroker and wealth manager at 400p each for a total of GBP123.9 million. The Invesco sale was conducted by way of an accelerated bookbuild - launched Thursday - in which Numis acted as sole bookrunner. Following completion of the sale of the 7.6% stake, Invesco will hold just 1.3 million shares in AJ Bell, a 0.3% holding.

bowlhead99

manorhouse said:

This is interesting news from one of the brokers we are considering .

Shareholders of successful public companies do change all the time. 

Invesco were one of the early backers, who had held a huge percentage of the company before it listed on the stock exchange and had been selling down their stake over the course of last year following the IPO (they had agreed a six-month lock-in at the time of the December 2018 IPO), making excellent gains on their purchase price. After all, it's not a profit until you sell, so you wouldn't expect them to keep a 30% share of a stockbroker forever.

The managers/ directors had also made lots of money on their holdings and had a lock in for a year on all of their shares (i.e. expiring in December 2019) and another year for half their shares. As a PMDR there are limited time windows for you to buy and sell shares due to there being effective 'closed periods' at the end of a reporting period. They would not have wanted to sell during March as the share price was falling to the floor along with other stocks. Then from the end of March they would not have been allowed to sell because the company was in the process of preparing its financial results for the interim period just ended.

On 21 May they published the good interim results before the opening of business and also reported that there was going to be a placing of Invesco's stake (Invesco presumably thought they would get a better return in these uncertain times if they waited until the most recent financial results were available). Then some of the managers who had been waiting to cash out part of their holding at good profits, did so.

snipkin

Article in The Times today re Reyker Securities: 'Investors locked out of £1bn'.
Quote of a couple of paragraphs from article: 'Savers are demanding urgent access to nearly £1 billion that they invested with a private client stockbroker after being told it will not be returned until the autumn, a year after the company went out of business. Reyker Securities went into administration in October last year after its directors failed in a bid to sell the business. It held £981 million of assets on behalf of 11,126 clients, invested primarily in Isas, equities and pensions.'
[...]
'Smith & Williamson said it attempted to sell Reyker’s client book, along with its investors’ money, to another broker in January, but that the deal collapsed. It said that it was working on transferring client cash in parcels to a number of brokers, but this is unlikely to be completed before October because of a lack of court time before the summer recess.' [end quote]

Is there any reason that the administration deal with SVS could collapse in that way? Anyway, let's hope everything goes through smoothly and we finally get access to our assets in mid July as promised.