NB Private Equity Investment Trust (NBPE)
I have been "stalking" this share for a wee while now and because of its Total Return performance (which includes a considerable dividend) I was prepared to buy at the end June just before they went ex dividend. To my great surprise I found out that my ISA nominee company, the Halifax does not trade in this share which has annoyed me considerably.
For holidays and other reasons I have been slow in following this matter up with Halifax, but in replay to my email asking why they did not deal in this share I received the following reply:-
"Regrettably we do not offer NB Private Equity as the product is intended for institutional, professional, and high net worth investors, private client fund managers and brokers who have knowledge and experience in investing in financial markets.
Our customer base is retail, and this asset is not a retail asset."
I have replied along the lines that this reply is total garbage and none of the statement is true. What a non professional "fob off". I can buy the shares for my grand daughters SIPPS in AJ Bell and I have just found out that Hargreaves Lansdown also deals in them, so of course it is a retail asset (the trust is about £1 billion capital).
I would be interested in knowing if any reader has used any other platforms for dealing in this share. Thank you.
Hello All, over the last 3 months I have continued badgering Halifax (HSDL) to trade in NBPE. This resulted in an official complaint by me which was rejected. However I kept progressing this issue and was in contact with NBPE's Vice President in the US who was keen to help by having a discussion with HSDL about what changes were needed to make their KID acceptable to them. I believe the VP may have involved the help of his employee in London and also Kepler, because they had difficulty as he reverted to me to obtain a name of an appropriate person to contact in HSDL. This was not easy because the trading staff do not give out names as the upper management prefer to remain faceless despite the fact that the VP of a FTSE 250 company and a major investment trust wishes to contact them. I found their attitude to customer service incredibly poor. Anyways they made an error in not replying to my email of 10.1.24 submitted via their Official email Form within 3 days; supposedly not received but in sending it I was pedantic about pressing the "Submit" button and receiving a "Thank you" acknowledgement.. So in further telecons with first level customerservice staff I let it be known that I would be submitting an official complaint about HSDL not repyling to me email within 3 working days, and if still no contact given would be progressing this issue with the HSDL MD/CEO. Then low and behold around 23.1.24 when phoning them again to answer a telecon message from them I was informed that NBPE had just been put on their trading list. Hurrah, Hurrah! Furthermore it would appear from a quick look that there have been no changes to the KID, but will double check when I have time. Despite HSDL's attitude I am now invested in NBPE. Hurrah, hurrah! Apologies for the length of this saga. Moral of the tale - never give up!