Re-Registration of Assets and Cash Transfers

Understand the process of transferring your investments

Re-Registration of Assets

Re-Registration of Assets (also known as an In Specie or Stock Transfer) is the process of transferring Funds or Shares to a different intermediary or platform without selling the underlying investment. Your holdings will be re-registered with the custodian of the new company you have chosen to administer your investments. Therefore, there will be a change of nominee account but you remain the beneficial owner of the assets. There’ll be a period during the transfer when you won’t be able to sell your existing investments.

You can transfer an ISA, JISA, GIA or a SIPP. The potential benefits of such a transfer include savings on trading costs and being able to remain invested in the market during the period of transfer. If your investments are held within a tax wrapper such as an ISA you retain these benefits. For investments held outside a tax wrapper there may be savings on capital gains tax with a Re-Registration of Assets as you will not crystallise a gain.

It is only possible to re-register a Fund if it is available on our platform in the same share class and transfer Shares if those held are offered. Otherwise the transfer will have to be in cash.

What is a Cash Transfer?

If the Funds or Shares you hold are not available on the receiving platform you will need to sell them and transfer the proceeds as a Cash Transfer while retaining your tax wrapper benefits.

Once the cash has been transferred you can buy alternative Funds or Shares from the selection available. You may even be able to purchase the same Fund but in a different share class. You will be out of the market for a period of time between selling and buying again. However, you do have control over the timing when you buy back into the market.

If you hold your investments directly with a Product Provider e.g. Jupiter, Invesco etc. then you may have 'Commission-included' Funds with all charges built into the Fund price. In this instance you would need to make a Cash Transfer.

Why transfer?

Consolidating all your investments onto one platform can make it easier to monitor and manage your holdings in one place. It allows you to have a single-account view of your entire Fund, Investment Trusts, ETFs and Share holdings, even those purchased elsewhere. This can mean less paperwork and just one user name and password to remember.

Whether you transfer by Re-Registration of stock or a Cash Transfer it is important to remember to contact your chosen new provider and use their transfer process as selling and reapplying for a new product can mean the loss of any tax wrapper status.

How long does the process take?

In many cases transferring from one platform to another can be "seamless" and the Fund and Platform industry are increasingly using technology to transfer without paper. This development can cut your transfer time down to a matter of days, rather than weeks, in a lot of cases. However, in reality it may still be a paper driven process. The length of time taken to transfer will also depend on whether it is a stock transfer or a cash transfer.

Cash transfers can take 2-3 weeks, in which time you will be out of the market for the duration of the transfer, until you purchase a new investment. During this period, your investments will be sold and await settlement. Dependant on the provider, a cheque may be raised and sent to us. We will bank the cheque and await clearance; once cleared your monies will be available to you for investment.

Stock transfers can take 4-6 weeks. As this is purely an administration change, you will not be out of the market at anytime, this is just platforms and providers exchanging data to amend their records.

Are there any charges?

There is no charge to transfer your investments to Willis Owen but there may be an exit charge, usually per line of stock, levied by the platform/provider you are transferring away from.

What happens to my dividends?

If you hold income units, you are likely to receive dividends from the underlying investment. Depending on timings, you may have investments being transferred pre and post ex-dividend dates. All dividends will be paid out to the platform/provider you hold your investments at the ex-dividend date. For this reason, you may end up with a dividend distribution to the platform you have just moved away from. Each plan manager will have their own way of dealing with these.