Re: Transfers out of Closing M&G European Index Tracker Fund

spamlbs

Is anyone else having difficulty transferring their funds out of their M&G stocks and shares ISA?

M&G have announced they will be closing their M&G European Index Tracker Fund on 30 June 2023. All transfer requests have to have been received by 12H00 on 29 June 2023.

Despite initiating my first transfer request through my new stocks and shares ISA provider last week it and several subsequent requests have been rejected by M&G with an error none of the M&G team can answer. The error is: "Invalid combination between fund and origin". 

Grateful to anyone who has encountered same and knows what this means and how to resolve it.

eskbanker

What exactly are you trying to do?  If the fund itself is closing then a holding obviously can't be transferred to another platform, so you'd need to sell first.

spamlbs

Exactly. M&G are blocking this and the in cash transfer to another provider. I've subsequently discovered that their error message is generated by M&G, not the altus platform on which the in cash transfer request has been initiated. M&G have also responded saying that mine is not one of the accounts they service (?!) which is absurd since they initially accepted the transfer request. If that was the case, they would have rejected it in the first instance. It's incongruous. grateful for any suggestions you may have as to how to resolve.