Withdrawing from a stocks and shares fund
Discussion
Newbie question alert!! I suspect I know the answer already but thought it might be worth still asking...
I had invested in a stocks and shares ISA fund via my retail bank which then invested it with via a fund manager with Coutts. I decided to pull my money out when the market started heading south in mid-March. I requested the withdrawl on Friday 13th March but it was only processed on the afternoon of Monday 16th March, after 3pm. On Friday stock was worth £33, by Monday when the trade was executed it was worth £31 and sold at £31.
My query is should I receive £33 (on the day of my withdrawl instruction) or £31 (when it was actually executed)?
I suppose if the market went up as opposed to down on the Monday, I wouldn't be here and be very happy I got even more!! Just want to be sure this is the normal way trades work before contacting my bank?
I had invested in a stocks and shares ISA fund via my retail bank which then invested it with via a fund manager with Coutts. I decided to pull my money out when the market started heading south in mid-March. I requested the withdrawl on Friday 13th March but it was only processed on the afternoon of Monday 16th March, after 3pm. On Friday stock was worth £33, by Monday when the trade was executed it was worth £31 and sold at £31.
My query is should I receive £33 (on the day of my withdrawl instruction) or £31 (when it was actually executed)?
I suppose if the market went up as opposed to down on the Monday, I wouldn't be here and be very happy I got even more!! Just want to be sure this is the normal way trades work before contacting my bank?
Depends what you were selling.
If it was shares (BP plc), etf (ishares S&P500) or an investment trust (Scottish Mortgage plc) then you would expect instant or near instant trading.Unless the bank rules over ride this.
However it is was a fund (unit trust etc) then these are only traded once a day (week/month) and usually the next working day.
The timing of the trade suggest it was a fund sold, but you should check this.
If it was shares (BP plc), etf (ishares S&P500) or an investment trust (Scottish Mortgage plc) then you would expect instant or near instant trading.Unless the bank rules over ride this.
However it is was a fund (unit trust etc) then these are only traded once a day (week/month) and usually the next working day.
The timing of the trade suggest it was a fund sold, but you should check this.
Robert-q32ja said:
Depends what you were selling.
If it was shares (BP plc), etf (ishares S&P500) or an investment trust (Scottish Mortgage plc) then you would expect instant or near instant trading.Unless the bank rules over ride this.
However it is was a fund (unit trust etc) then these are only traded once a day (week/month) and usually the next working day.
The timing of the trade suggest it was a fund sold, but you should check this.
It was a fund - which implies next working day, so the sold price is correct (I guess). If it was shares (BP plc), etf (ishares S&P500) or an investment trust (Scottish Mortgage plc) then you would expect instant or near instant trading.Unless the bank rules over ride this.
However it is was a fund (unit trust etc) then these are only traded once a day (week/month) and usually the next working day.
The timing of the trade suggest it was a fund sold, but you should check this.
Its the £31 settlement figure.
The bank will have a predefined window in which to execute your trade which will be in their terms. Next working day is pretty good. It can also depend on how often the fund is traded and when, some funds are traded constantly whereas others are daily at a specific time, some weekly, some monthly etc.
The bank will have a predefined window in which to execute your trade which will be in their terms. Next working day is pretty good. It can also depend on how often the fund is traded and when, some funds are traded constantly whereas others are daily at a specific time, some weekly, some monthly etc.
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