As default, all ISA transfers into InvestEngine will be requested as in-specie. These are electronic ISA transfers, where the transfer of securities between two providers is completed without needing to sell the holdings to cash monies.
Transferring in-specie allows you to stay in the market, avoid spread costs and reduce potential tax liability (this is not tax advice).
We will endeavour to transfer as many of your current holdings (with the old provider) in-specie as possible. This is subject to your old provider supporting in-specie transfers and us offering the holding on our platform (you can check our ETF range here).
If you hold ETFs with your transferring provider that aren’t currently available in our ETF offering, they cannot be transferred. In this case, those securities will be liquidated and transferred as cash.
If you wish to transfer fully in cash please refer to this article: What if I want to transfer my Stocks and Shares ISA as cash
In-specie transfers will be made to InvestEngine DIY portfolios. If you wish to transfer an existing Stocks & Shares ISA to one of our Managed ISA portfolios; the transfer must be made as cash. It will be added to a DIY ISA portfolio, where the client can then make an internal portfolio transfer to their desired managed portfolio. Our Managed ISA portfolios are designed by our specialist Investment Team, so the ETF holdings and weightings cannot be adjusted.
Please note: Currently we only support in-specie transfers into InvestEngine.
InvestEngine will soon be able to support in-specie transfers for GIA accounts and in-specie transfers out. Keep an eye out on our Community page for our latest updates on this and other new features to our offering.
See here: