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Campbell O'Connor Stockbrokers closing. Looking for alternative.

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  • 12-04-2019 10:39am
    #1
    Living Off The Splash
    Registered Users Posts: 2,103 ✭✭✭


    I have been using Campbell O'Connor here in Ireland to buy and sell shares. I only trade a handful of specific shares listed on the Ftse as I have become familiar with these specific shares, their fundamentals and their trading range. Effectively buying when low and selling when high. Maybe 10 trades a year, each trade about £50k. Profits of about £5k+ per annum plus I keep an eye on the ex dividend dates. My main shares that I trade are GSK and CRH plus a handful of others.

    I have a Sterling account with Campbell O'Connor. Their charges were reasonable compared to other Irish companies. I always dealt with share certs.

    I could phone C.O.C and have my shares executed immediately.

    Campbell O'Connor are now closing their business and transferring to Cantor Fitzgerald. Their fees/charges are very high.

    I am looking for an alternative company to do business with. I have read a separate thread about DeGiro. Could someone advise me if they think that this company would be suitable to do business with based on the above.

    How are funds transferred in and out when buying and selling and how would I receive dividends. (Normally in the post).

    Any other advice appreciated.


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    #2
    Cute Hoor
    Registered Users Posts: 1,788 ✭✭✭Cute Hoor


    'I always dealt with share certs' - this is a key phrase, if you want to continue holding share certs then as far as I know you can't do this with DeGiro or any online broker so don't know who you can go to.

    If it's not important for you then DeGiro is probably your best bet, very easy to transfer money in from your bank account and withdraw money back into your bank account. Dividends are paid directly into your DeGiro account.

    You are trading reasonably significant amounts so it might be worth considering Interactive Brokers as well, if you maintain $100k (combined stock & cash) then there are no account maintenance fees and the cost of trading is pretty minimal.

    You will notice a significant drop in fees from your previous broker.


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    #3
    Living Off The Splash
    Registered Users Posts: 2,103 ✭✭✭Living Off The Splash


    Thanks. Do you know if Interactive Brokers will accept share certificates to use as a credit line to purchase other shares or do I actually have to sell the shares and turn the balance in to cash? That is, if they even accept certificates in the first place.


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    #4
    Cute Hoor
    Registered Users Posts: 1,788 ✭✭✭Cute Hoor


    Living Off The Splash wrote: »
    Thanks. Do you know if Interactive Brokers will accept share certificates to use as a credit line to purchase other shares or do I actually have to sell the shares and turn the balance in to cash? That is, if they even accept certificates in the first place.

    I don't know tbh, but I'd expect they would. I'd suggest sending them an email to ask.


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    #5
    Condatis
    Registered Users Posts: 651 ✭✭✭Condatis


    Their announcement of their closure was somewhat peremptory, investors were given little time to make disposal plans for their holdings.

    In the normal course of events where a share is on a bit of a downer I would have held on to it until it turned around. The abrupt nature of this closure put small investors at a disadvantage.

    Share investments are a medium to long term business, the way in which this affair was managed was disappointing and disrespectful.


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