Investment Managers
ShareGift is routinely used by asset managers, brokers, custodians and platform providers to help with small shareholdings held by their clients and in clearing resiudal entitlements and dormant assets. Although we deal primarily with small shareholdings, we can also help with larger donations of shares. As we have a huge portfolio of unlisted and non-trading assets, we also frequently assist nominees in clearing stock reconciliation issues.
Setting up an Internal ShareGift Account
If you are processing a significant number of donations to ShareGift or transferring shares to us regularly, we recommend that you set up an internal account for ShareGift donations. This is generally set up as an execution only client account. A large number of asset management firms, custodians and platform providers now do this, and we have found it mutually benefiicial to operate in this way because this:
- Speeds up the process of removing shares from individual client accounts
- Reduces the cost involved in processing a large number of transactions via Crest or other settlements systems
- Allows the transfer of stocks for which the register is closed (e.g. some stocks in liquidation) via a journal on your internal system. This will enable clients to transfer problem shareholdings from their accounts which may otherwise be attracting disproportionate management fees or be preventing them from closing their accounts.
- Holdings donated to ShareGift in such a way can then either be periodically transferred to us, or sold and the proceeds remitted to us. We are happy to work with your organisation on the best mechanism for you. Please contact us for further information or assistance.
We are of course happy to require any account opening/AML documentation required for this process. Please contact us if you require more details.
ShareGift is grateful for the support of all of our partners.
Telling your clients about ShareGift
You may wish to promote ShareGift to clients with small value shareholdings in the nominee or those with holdings which are unlisted and non-transferrable, as these shareholdings will otherwise remain indefinitely within their accounts attracting custodial charges. We are happy to help you with any wording relating to ShareGift in your literature, but if you write your own do check any ShareGift references with us before publication.
Should your client wish to suggest a charity to benefit in the future from ShareGift, please include details of the charity concerned when you transfer stocks to us. We are happy to send thank you letters to your clients, directly or via you, if this is requested. Please provide us with the necessary details.
Ad hoc share transfers
We are always happy to assist with the ad hoc transfer of shares if the volume of transactions does not require setting up ShareGift internally on your system.
If the Shares are held Electronically
Email us the details of the stock, including Sedol code, and we will arrange the trade & settlement dates. ShareGift can accept many foreign shares as well as listed UK stocks. We arrange Crest transfers in-house. The electronic transfer of foreign stocks is arranged via our custodians, Platform Securities. Please contact us first and we will pass on the instruction.
If the Shares are Residual
Please send a certificate re-registered into our name. Our registration details are:
The Orr Mackintosh Foundation Ltd, 6th Floor, 2 London Wall Place, London, EC2Y 5AU
FAQs for Stockbrokers/Nominees
Do you need to see an instruction from, or information about, the underlying client when accepting shares?
No. We do not require that you pass on any information about the individual donor.
Our client has mentioned a specific beneficiary charity other than ShareGift. What should we do?
We can accept donations of almost all transferrable shares, regardless of value, and we make donations to beneficiary charities based on donor suggestion. However this is not the same thing as giving directly to the charity in question. Please direct your clients to the information about how we decide which charities benefit. If your client is happy with how we work, please let us know their charity suggestion when donating the shares.
If your client states that they wish their donation to go directly to a specific charity (rather than to ShareGift with a suggestion of that charity), you should contact that charity directly. Your client should be aware that very few charities are interested in receiving small value shareholdings directly, or have the facility to accept unusual shareholdings. As a result the charity may subsequently direct the donor to ShareGift.
We need to purchase an unlisted/non-trading stock in order to clear a reconciliation error - can you assist?
We hold a huge portfolio of assets containing many unlisted and non-trading lines. Email us details of the position you are trying to correct and we will advise whether we can assist and give you an offer price for the shares in question.
We wish to set up an internal ShareGift account. Do you have any specific requirements?
As such accounts are set up to reduce administration costs on both sides, we do ask that any management fees or other custodial charges be waived. We will also require that you provide us with statements and valuations for the account on request, free of charge, as we do need this information for our audit. If it is possible to have online access to the account we will be able to access the necessary information in this way.
We need you to complete certain forms in order to open an internal account. Can you do so?
Of course. Send us the paperwork and we will complete and return this.
Do you accept donations of cash?
Yes- we routinely receive donations of cash from stockbroker client accounts. These can either be credited to an internal ShareGift account or sent to us directly on an ad hoc basis. You can send cheques payable to ShareGift, or contact us if you wish to make a BACS payment.
We have made a donation of shares to ShareGift in error. Is it possible to retract the donation?
Where a donation of shares has been made to ShareGift in error, and where the error has been raised with us within one month we are happy to arrange for a reversal of the donation - you should contact us to arrange for the retraction. After one month, donations to ShareGift are considered to be complete. After this period it may not be possible for us to authorise a retraction. We do ask that all brokers and nominees have internal procedures in place to ensure that they have due authorisation from their clients for all transfers, particularly where the shares donated have a large value. Under no circumstances can we authorise a retraction simply because an investment has appreciated in value since the shares were donated.
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