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Transfers of funds with different classes?
rathernot
Posts: 339 Forumite
Has anyone any experience of transferring funds between platforms when each platform offers a different class of the same fund?
I'm waiting for a reply from the platforms concerned and have read assorted things online ranging from "you can't" to "you can, they just make it difficult".
I'm waiting for a reply from the platforms concerned and have read assorted things online ranging from "you can't" to "you can, they just make it difficult".
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Comments
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Is there a class they both offer or maybe find a similar fund you are comfortable holding for the transfer period?0
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Is there a class they both offer or maybe find a similar fund you are comfortable holding for the transfer period?
No on the first point else I'd likely do a swapout.
The second option may be the simplest approach, it would just be nice if it were possible to move with a little less pain.
It seems a very manual and antiquated process in 2018
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Different classes of the 'same' fund are different funds (although they may share a common sub fund) and can't just be re-registered by the platform. At a simple level they will have different prices per unit so if you had 50 units at £20 per unit of class A and class B was £10 per unit you would need 100 units and this would require sale and repurchase or switch (as opposed to a conversion). Imagine trying to re-register 123 units of Woodford Equity Income for 456 units of Fundsmith0
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If its a fund supermarket, you can do an in-specie transfer if the fund supermarket doesnt offer that share class. if its a whole of market platform you usually can do in-specie transfers with no issue. If its a cash transfer you would buy the new share class.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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