Another One Bites The Dust: Campbell O'Connor & Co.

Discussion in 'Investments' started by Drakon, 4 Apr 2019.

  1. Drakon

    Drakon Frequent Poster

    Posts:
    309
    I'm wondering (m)any members hold their shares with Campbell O'Connor & Co, and what their plans are, now that they are giving up the FS game?

    I first started buying shares with Goodbody Online. Then when they moved away from CREST I moved to some low cost online CREST broker, whose name/acronym I can't even remember any more. They then closed and the next one closed and so on. I dunno how many different EU/UK based online CREST brokers I had before I abandoned the foreign online brokers and moved my portfolio to Campbell O'Connor & Co. (based on a recommendation on this site).
    I'd been intending on selling my entire portfolio, but then decided to hold off because one of my bigger holdings is being bought out and I stand to make close to 200% profit. But now Campbell O'Connor & Co. are closing down. Aarrgh.
    They give three options:
    Automatically open an account with Cantor Fitzgerald
    Liquidate everything
    Transfer everything to another broker.

    I'd easily go for the second but the buyout is badly timed.
     
  2. Ravima

    Ravima Frequent Poster

    Posts:
    2,427
    Why not liquidate all but ask for the one in play to be transferred to you in certificate form?
     
    Zenith63 likes this.
  3. Grizzly

    Grizzly Frequent Poster

    Posts:
    780
    I have had an account with Campbell O'Connor for over 20 years. I have about £80k sitting to my credit in a Sterling account with them.

    I buy and sell occasionally and I have always received a share certificate when I make a purchase. I am charged .5% in fees total per purchase and .5% U.K. Stamp duty on purchases. There is no charge for providing the share certificate to me and no charge to me when I send them the share certificate on a sale. I am charged a flat £50 fee on all sales.

    I am not charged an account maintenance fee per annum.


    I have just had a look at Cantor Fitzgeralds fees. There is an account maintenance fee of .75% per annum. Commission charges considerably higher. (I don't really understand their fee structure so if someone could explain it to me it would be great). It appears that I will also be charged for leaving money with them. I will also be charged every time I receive or send them a share certificate.

    I cannot see how I can transfer my account to Cantor Fitzgerald and make money on trades with their fees/costs.

    If anyone has done some of the groundwork on this I would love to hear their views and recommendations.
     
  4. Ravima

    Ravima Frequent Poster

    Posts:
    2,427
    Perhaps you could consider moving the GBP to an account in Ulster NI?? Then use a GB based stockbroker. You can find some with low commissions, but you will find it difficult to find someone to deal with in certificated form. They all tend to use nominee a/c.
     
  5. Claris

    Claris New Member

    Posts:
    2
    Hi folks,

    My firm is a regulated financial intermediary based in Dublin 2, Claris Advisors Ltd.
    You can set up a new sharedealing account with Davy Select on an Execution-Only basis and transfer any existing holdings over to your new Davy Select account free of charge. Davy Select charge a flat fee of 0.9% per annum with unlimited trades and no buy / sell commissions, regardless of trading frequency. This is a very competitive offering and their trading platform is impressive.
    Please email or call me direct, my contact details are below:

    John Markey


    Executive Director
    Claris Advisors Ltd
    9 Fitzwilliam Square
    Dublin 2
    Ph. 01 559 8185
    Fax.01 559 8210
    Mob. 087 680 9211
    Financial, Wealth & Corporate Advisory

    Claris Advisors Ltd is regulated by the Central Bank of Ireland
     
  6. Grizzly

    Grizzly Frequent Poster

    Posts:
    780
  7. IsleOfMan

    IsleOfMan Frequent Poster

    Posts:
    707
    Yes. After getting their free plug on AAM it would be nice if they came back to supply more details.

    If a person has 10 x €35k transactions per annum. Is this .9% fee calculated on the €350,000 total amount of deals?

    Is this considered low cost?
     
  8. Luternau

    Luternau Frequent Poster

    Posts:
    875
    Interesting first post by Claris!

    Does not look so low cost @ 0.9% of holding value per annum ? That's a heck of a custody fee!
     
  9. MrEarl

    MrEarl Frequent Poster

    Posts:
    1,704
    Hello,

    I don't know Claris, but to give a little credit contact details have been provided.

    That said, if you plug something, you should stick around to answer questions imho. Perhaps they are a very small operation, so simply don't have sufficient resources ?

    Claris have a website with an email address, if anyone wants it.

    ... perhaps remind him that he's got potential customers looking for a few follow up responses on AAM, if you do contact him.
     
  10. EmmDee

    EmmDee Registered User

    Posts:
    34
    To be fair - Claris wasn't plugging his service - he was pointing out that Davy's had a "no minimum" and "no transaction fee" account.

    No - there is no transactional cost according to the poster. So those would be free. What is charged is an annualised charge of the average value in your account. Which would be €3,150 per annum on your €350k portfolio (or €262 per month). That seems high to me and I wondered if it should read as .09% rather than .9% (9bp would seem closer to normal than 90bp).

    So I went to their site to check - holy cr*p but it's a complete disaster. Takes about 5 mins to load each page - so every time I click a link it takes another 5 mins. I've tried it on Chrome and IE. Tried on my desktop and mobile - same result. Anyway, what I found....

    It is .9% - so pretty hefty. It is subject to a €400 pa minimum. They do exclude any Davy's funds from the calculation of value so essentially a free ride with the in-house assets. It is charged twice a year based on the value at a point in time rather than average value.

    However - the "no transaction" fee doesn't apply to "non Irish and non UK" securities. So any transactions involving non Irish / UK shares, ETF's, bonds or options incur a .06% fee plus €25 settlement charge.

    There are also standard charges which apply to all Davys accounts- the most relevant probably being €80 to lodge a physical certificate into your account and €30 per instruction to move assets from your account (electronically I assume)
     
    gravitygirl likes this.
  11. IsleOfMan

    IsleOfMan Frequent Poster

    Posts:
    707
    So if I were to purchase €35k of shares I would normally be charged a commission of 1%. So that's €350. If two days later I were to sell these shares I would normally be charged 1% so another €350. So €700.

    Therefore 10 trades a year, buying and selling, would with most brokers cost me 10 x €350 = €3500. With the .9% fee charged by Davy it would cost me less. €3150.

    Am I calculating this right?

    I understand that these are self trades. I am given a platform to trade on. I do the buying and the selling myself. If I need to contact Davy by phone I believe there is a €100 charge?

    Doe anyone know if the Davy platform allows me to trade shares at live prices?
     
  12. EmmDee

    EmmDee Registered User

    Posts:
    34
    I think so - as long as you are trading UK / Irish assets.

    But I can do better if you like. According to their fees and charges page (you'll have to verify - there's no way I'm trying to open that again), they calculate portfolio value twice a year (I think end May and end November or similar) and then charge the .9% fee at end of the following month. So, if you bought and sold in-between as much as you want but closed off positions before the calculation date, you'd only be charged the minimum €400pa (actually that would mean you have just over €44k in the account and still be at the minimum.
     
  13. Bronco Lane

    Bronco Lane Frequent Poster

    Posts:
    336
    I have been told "No". So it would be pointless buying x amount of shares at a price that you have no control over. Certainly if you were day trading and making profits on price movements throughout the day a trading platform that does not allow you to buy and sell at live prices would be pointless.
     
  14. Claris

    Claris New Member

    Posts:
    2
    Hi folks,

    Apologies for late reply. Just to clarify, Claris Advisors Ltd is a regulated financial intermediary with formal agency agreements with 15 investment providers and stockbrokers in Ireland. Having reviewed the marketplace regarding custodial fees and trading commissions for execution -only accounts, Davy Select present a very competitive offering at 0.9% per annum with zero trading commissions on Irish & UK shares. This annual fee includes advisor fee and custodial fee with no VAT applicable and applies to Execution-Only Share dealing accounts, pension and ARF/ AMRF accounts opened through their Davy Select platform either directly or through a financial intermediary , such as Claris Advisors. PRSA accounts have a 1% annual fee.

    Please feel free to call me direct to discuss your needs further.

    Regards,

    John Markey

    Executive Director
    Claris Advisors Ltd
    9 Fitzwilliam Square
    Dublin 2
    Ph. 01 559 8185
    Fax.01 559 8210
    Mob. 087 680 9211
    Financial, Wealth & Corporate Advisory

    Claris Advisors Ltd is regulated by the Central Bank of Ireland
     
  15. IsleOfMan

    IsleOfMan Frequent Poster

    Posts:
    707
    Claris. You might clarify if the execution only trades are live prices. No point in getting delayed prices.

    Who was the stockbroker with the next cheapest price?
     
  16. Zenith63

    Zenith63 Frequent Poster

    Posts:
    171
    To be fair, for a Campbell O’Connor customer interested in a personal CREST account (the context of this thread), live prices probably aren’t that important, you’ll tend to be holding for years so a few cents means little.


    Though FWIW DeGiro have a fee comparison of their site which seems accurate - https://www.degiro.ie/fees/compare-brokers/