Rathbone Global Opportunities – Hargreaves Transfer‑Out Blocked Due to Fund‑Level Discrepancy

Steve489

Please advise if anyone has had similar issues with Hargreaves Lansdown when transferring funds out, especially where HL’s pooled custody position doesn’t match the fund manager’s register.

I hold Rathbone Global Opportunities Fund, originally Class S units at HL. In June HL converted these to Class I units so they could be transferred to AJ Bell. My personal holding is correct and all my historic transactions match HL’s online data, my contract notes, and the OPCA‑EUC‑635 Stock Movement Report HL sent me.

However, HL have told me that my transfer cannot proceed because they are “in conversation with the fund manager to resolve a discrepancy with a separate issue, not relating directly to your account.”

My understanding is that HL’s total Class I holding does not currently reconcile with Rathbone’s master register, and until HL fix this fund‑level discrepancy, no Class I units can be transferred out – even though my own account is correctly recorded.

Has anyone else experienced:

• HL transfer delays caused by fund‑level reconciliation issues?
• problems specifically with Rathbone funds or share‑class conversions?
• HL needing to correct their pooled custody position before transfers could proceed?

This raises a broader concern about HL’s ability to correctly manage and reconcile their pooled nominee accounts which is very concerning.

Any insight into how long these reconciliations typically take, or how HL handled similar cases, would be very helpful.

dunstonh

This raises a broader concern about HL’s ability to correctly manage and reconcile their pooled nominee accounts which is very concerning.

How do you know that it is an issue with HL? It could be Rathbone or the custodians.

Steve489

https://forums.moneysavingexpert.com/discussion/comment/82123300#Comment_82123300

HL have already confirmed in writing that the issue is on their side. Their exact wording to me was:

“Due to a processing error on a separate transfer, there are currently insufficient units available within our account to facilitate the transfer of your holding.”

dunstonh

https://forums.moneysavingexpert.com/discussion/comment/82123329#Comment_82123329

That doesnt say that the processing error is on their side. It indicates that there was a processing error on a seperate transfer. if that is an inspecie transfer, then there are multiple parties involved and the error could be any of them.