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Transferring an Artemis ISA from Amex to another broker

Hi,

I have for some years had an Artemis ISA, with American Express being (presumably) the broker.

Now Amex are washing their hands of all that business and are transferring it to TD Waterhouse.

They are insisting that the ISA investment has to be sold and repurchased - cost a few %.

I've just called Artemis who confirmed categorically that there is no way of just transferring my ISA to another broker without selling and repurchasing - because Amex (initially) and now TD Waterhouse, are nominee company.

Is there any way around this?

Thank you for any feedback.

Reply to
Postman Pat
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In message , Postman Pat writes

AIUI AMEX arent the broker, they are the ISA manager using an Artemis mirror fund which doesnt exist outside the AMEX wrapper. Therefore, whilst it is possible to transfer the manager from AMEX to TDW the underlying fund isnt available within their wrapper so the AMEX Artemis fund has to be sold to cash which is then transferred to TDW who then buy the real Artemis fund. I am away from my sources of references when I write this reply so I may have got the detail wrong but I am pretty sure I have correctly described the principle of what is happening.

Reply to
John Boyle

Sounds like AMEX have fixed it so that they decide to go out of the business and get the customer to pay them for the privilege! I don't doubt that it is legal but IMO it ought not to be. The Treasury of FSA should require all managers to transfer investments on request.

Reply to
Peter Lawrence

In message , Peter Lawrence writes

Reply to
John Boyle

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