Understanding Davy's online charges and custody arrangements

Brendan Burgess

Founder
Messages
37,663
Update - I have deleted the other stuff in this thread which was based on an old fees document, apparently relating to shares held in a pension fund account. Brendan

These figures are for individual investors and not for pension funds which have a different pricing structure.

Summary for online dealing in shares - as far as I can see.


€50 a quarter for account maintenance irrespective of the value of the portfolio or the number of different shares held.
Irish and UK shares: 0.5% commission for buying and selling.
Other shares : 0.56% commission + €25 settlement charge







I must say that it's very hard to find the charges on the Davy website.

There is a 117 page PDF which is password protected, so I can't extract the relevant pages.

This seems to be the key information on page 91
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Brendan Burgess

Founder
Messages
37,663
If I transfer my portfolio to Davy's and never do a trade, I will be charged €50 a quarter and no other charges?
 

galway_blow_in

Frequent Poster
Messages
1,358
My mother has circa 50 k in a portfolio with goodbody this past five years, compared to my set up with saxo, the charges are nothing short of extortionate, imagine Davy are not much better

The elder statesmen of the broker fraternity in Ireland certainly think highly of themselves
 

davyselect

Registered User
Messages
28
Hi Brendan,

This is correct. With the Davy Select Personal Investment Account if you have no trades in a particular quarter your total charges for that quarter would be €50 irrespective of the size of your portfolio.

If you traded in the quarter, the €50 fee would be reduced by the value of commissions incurred in the quarter.

Let us know if you have any other questions

Regards
davyselect
 
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davyselect

Registered User
Messages
28
Which account are you interested in. There are two; (a) Davy Select Investment Only Account and (b) The Davy Select Personal Investment Account (There are actually others related to pension structures and credit unions but I'm ignoring them). One has a higher annual custody fee with no transaction charges and the other has a lower holding fee but has transaction charges
Hi EmmDee,

The Davy Select Investment Only Account is a fund only account for pension funds and unit trusts. The Davy Select Personal Investment Account is the account for retail investors and is the one which would appear to be relevant to this discussion.

Let us know if you have any other questions

Regards
davyselect
 

Brendan Burgess

Founder
Messages
37,663
Thank you davyselect for confirming that.

Could you clarify where the nominee shares are held?

Is it a third party custodian or an SPV? If so what is its name?

Brendan
 

davyselect

Registered User
Messages
28
Actually could you confirm exactly who's name the shares are held in.
Hi Brendan/Jim,

Publicly listed UK/Ireland equities are held in Euroclear UK and Ireland in a system called CREST through our nominee company, Davycrest Nominees. These assets are held in segregated client accounts and Davycrest Nominees a/c xxxxxxx appears on the share register. This means that each client holding in CREST is in a separate account to other clients’ and is identifiable and reconciled as such. Equities held in this manner are afforded full protections under the Central Bank of Ireland’s Client Asset Regulations.

We have tried to attach a document which provides more detail on our client asset key information. We are prohibited from doing so as our account is new. We will attach this link when this feature becomes available on our account.


Best regards

davyselect
 

davyselect

Registered User
Messages
28
I hold my UK and Irish shares in certificates.

Where do you hold German shares?

Brendan
Hi Brendan,

Foreign shares, foreign ETFs and government and corporate bonds (with the exception of UK government bonds) are held with our global custodian, Bank of New York Mellon (BNY Mellon) in accounts specifically designated as Davy client asset accounts. BNY Mellon in turn may arrange for these holdings to be held with various sub-custodians in local markets with account names dictated by the naming convention in those local markets. The custodian undertakes reviews of its sub-custodians on a regular basis. We operate a number of pooled client accounts with BNY Mellon. This means that any assets held on your behalf with BNY Mellon are held in accounts containing assets owned by other clients. These client accounts do not contain assets of Davy.

Regards
davyselect
 

llgon

Frequent Poster
Messages
375
These figures are for individual investors who own shares directly in their own name.
Hi Brendan,

It appears from the information davyselect has provided that shares are not held in the individual's own name. Or am I mistaken? Would you consider editing your opening post for the sake of clarity?
 
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