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When is VWRL not VWRL?

Index tracking funds and ETFs
shonky
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When is VWRL not VWRL?

#463573

Postby shonky » December 6th, 2021, 5:29 pm

I wanted to do simple passive index tracking, I seem to have ended up with something very complicated!

I had a taxable dealing account with Selftrade and then Eqi for many years, and bought (what I thought was) VWRL. The contract notes are denominated in GBP and said the trades were executed on LSE. The quarterly dividend documents refered to SEDOL B3RBWM2, which says the dividend was paid in USD and converted to GBP.

Earlier this year I transferred this account to IWeb, as I did not want to be part of Eqi's transfer to III, for diversification reasons vs Mrs Shonky. The transfer took ages which I suspect was a combo of Halifax and EQI incompetence, but in the meantime I bought some more VWRL in my IWeb account.

Eventually the transfer happened... but the VWRL transferred from Eqi is in a limbo state in IWeb, and IWeb have told me I can't trade it with them. I have two lines on my portfolio:

1) the transferred VWRL which doesn't let me do anything with it
2) the IWeb-purchased VWRL, which I can trade

IWeb claim "their" VWRL has SEDOL B7NLLH2 and is UK domiciled, and that the transferred VWRL is Irish domiciled. Although, hilariously, if I click the "Research" button next to the tradeable VWRL in the IWeb interface, it takes me to a URL (which I cannot post) but includes
<iweb domain name....> /etf-centre/details/IE00B3RBWM25/G2HB

Spot the "IE" and supposedly untradeable SEDOL in that URL...

I can't figure out who screwed up here - me, Eqi, or IWeb - and what to do to get out of this situation...

Does anyone have any idea what is going on here? Many thanks!

scrumpyjack
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Re: When is VWRL not VWRL?

#463580

Postby scrumpyjack » December 6th, 2021, 5:45 pm

I suggest asking Vanguard UK

https://www.vanguardinvestor.co.uk/

vandefrosty
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Re: When is VWRL not VWRL?

#463582

Postby vandefrosty » December 6th, 2021, 5:59 pm

Take a look at the linked fact sheet pdf from Vanguard:
https://global.vanguard.com/portal/site ... ocId=31781

The underlying fund is domiciled in Ireland using the SEDOL of the untradeable transferred units. There are various listed entities that use different SEDOLs on various European exchanges, including the GBP one you bought in your new account.

It seems like the transferred VWRL holding has been identified with the underlying fund identifier, rather than one of its listed 'identities' on various european exchanges. It's not listed anywhere so you cannot trade it, but similarly you shouldn't have been able to buy it...

It's not clear whether that was caused by the original broker - what do your contract notes show - or at the transfer (for example, could you have used used the SEDOL from the dividend reports on the transfer application?).

I'd use this info to prompt a discussion with IWeb about how to fix it.

Greg

genou
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Re: When is VWRL not VWRL?

#463587

Postby genou » December 6th, 2021, 6:07 pm

B3RBWM2 doesn't exist AFAICS.

IE00B3RBWM25 is the ISIN of the whole show, so not helpful.

B6QBHM9 is USD denominated, claims to be VWRD. But share register listed as ZZ, which is "unknown" which is odd.

BKXH1W6 is GBP, says it is VEVE

B7NLLH2 is GBP, says it is VWRL .

Absolutely zero Vanguard ETFs are UK domiciled. All these SEDOLs are the same underlying ETF. You just need to kick iWeb into sorting all your holding into a SEDOL that they are happy to trade.

GeoffF100
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Re: When is VWRL not VWRL?

#463588

Postby GeoffF100 » December 6th, 2021, 6:10 pm

VWRL is domiciled in the Irish Republic and listed on the London Stock Exchange:

https://www.londonstockexchange.com/sto ... mpany-page

From that, the ISIN of VWRL is IE00B3RBWM25 and the SEDOL is B7NLLH2.

GrahamPlatt
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Re: When is VWRL not VWRL?

#463602

Postby GrahamPlatt » December 6th, 2021, 6:32 pm

“B3RBWM2 doesn't exist AFAICS”

Quick web search and I get this; https://www.euronext.com/sites/default/ ... Report.pdf

First page, third of the Vanguards.

shonky
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Re: When is VWRL not VWRL?

#463604

Postby shonky » December 6th, 2021, 6:37 pm

Thanks all - EQI didn't provide a SEDOL on the contract note (the dividend notices refer to IE00B3RBWM25 in the filename only), and IWeb don't seem to be able to show SEDOLs easily either for what they hold.

In EQI I was buying VWRL on LSE denominated in GBP, which based on that factsheet suggests it was B7NLLH2.

I did not specify anything when doing the transfer from EQI to IWeb as I transferred the whole account, but no doubt either EQI or IWeb could have exported/imported it incorrectly.

I have been round the houses a few times with IWeb on the phone over two or three months, so I think I will write to them, make a formal complaint about the transfer, and encourage them to get their act together...

Thank you all!

genou
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Re: When is VWRL not VWRL?

#463650

Postby genou » December 6th, 2021, 9:12 pm

GrahamPlatt wrote:“B3RBWM2 doesn't exist AFAICS”

Quick web search and I get this; https://www.euronext.com/sites/default/ ... Report.pdf

First page, third of the Vanguards.



I wonder where it trades. LSE says "no hit"

GrahamPlatt
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Re: When is VWRL not VWRL?

#463658

Postby GrahamPlatt » December 6th, 2021, 9:26 pm

genou wrote:
GrahamPlatt wrote:“B3RBWM2 doesn't exist AFAICS”

Quick web search and I get this; https://www.euronext.com/sites/default/ ... Report.pdf

First page, third of the Vanguards.



I wonder where it trades. LSE says "no hit"


AFAICS the LSE site doesn’t cater for a search on SEDOL codes, but if you search for the ISIN you get this;

https://www.londonstockexchange.com/liv ... rld=quotes

BullDog
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Re: When is VWRL not VWRL?

#463659

Postby BullDog » December 6th, 2021, 9:32 pm

shonky wrote:Thanks all - EQI didn't provide a SEDOL on the contract note (the dividend notices refer to IE00B3RBWM25 in the filename only), and IWeb don't seem to be able to show SEDOLs easily either for what they hold.

In EQI I was buying VWRL on LSE denominated in GBP, which based on that factsheet suggests it was B7NLLH2.

I did not specify anything when doing the transfer from EQI to IWeb as I transferred the whole account, but no doubt either EQI or IWeb could have exported/imported it incorrectly.

I have been round the houses a few times with IWeb on the phone over two or three months, so I think I will write to them, make a formal complaint about the transfer, and encourage them to get their act together...

Thank you all!

I have moved ISAs and SIPPs a few times between retail platforms, but not those. It has been my experience that the receiving platform checks the share or unit classes it is expecting to receive. My experience has been that on a couple of occasions, the receiving platform has not been able to accept the particular class of share or unit. The result has been that they offered to instruct the sending platform to sell and transfer cash. It seems in your case one of the companies has dropped the ball here? I expect a satisfactory outcome once you escalate this to a formal complaint. Good luck.

GeoffF100
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Re: When is VWRL not VWRL?

#463660

Postby GeoffF100 » December 6th, 2021, 9:33 pm

B3RBWM2 is the SEDOL for VWRL on Euronext Dublin. Search for B3RBWM2 in Google. The first hit is for Euronext Dublin ETF Listed Securities. Download the PDF. What a mess!

genou
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Re: When is VWRL not VWRL?

#463661

Postby genou » December 6th, 2021, 9:35 pm

'
GrahamPlatt wrote:
genou wrote:
GrahamPlatt wrote:“B3RBWM2 doesn't exist AFAICS”

Quick web search and I get this; https://www.euronext.com/sites/default/ ... Report.pdf

First page, third of the Vanguards.



I wonder where it trades. LSE says "no hit"


AFAICS the LSE site doesn’t cater for a search on SEDOL codes, but if you search for the ISIN you get this;

https://www.londonstockexchange.com/liv ... rld=quotes


I was searching from my watchlist, since it was convenient. Happily accepts SEDOLs . But doesn't recognise B3RBWM2.

Edit: I hadn't seen that it was Dublin traded security when I replied.

shonky
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Re: When is VWRL not VWRL?

#465542

Postby shonky » December 13th, 2021, 4:17 pm

As an update on this - I sent IWeb a complaint letter less than a week ago detailing the issue.

To IWeb's credit - I had a call today to say they had fixed the VWRL issue, it was at their end on the import of my transferred account. All my VWRL (both transferred in and purchased on their platform) is now as it should be - quoted in GBP on LSE, and tradeable on their platform with SEDOL B7NLLH2.

They admitted they could have done better during the whole transfer in process, and without prompting offered a reasonable amount of compensation.

While the complaint shouldn't have been necessary I'm impressed by the speed of resolution.

Thanks all for your assistance and hopefully this thread is useful for anyone else who in the future might be accidentally infected with a new VWRL variant ;)


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