Available to DEAL ISSUER and DEAL APPROVER role types only.
This option provides the functionality to withdraw money from your account, from all or selected funds.
Note: If you withdraw all of the fund holdings within your account, the account will not be closed. It will be kept open with a nil balance. To close an account, please see the Appendix for instructions.
STEP ONE: WITHDRAWAL AMOUNT
All funds currently held within the account are displayed, with their unit value, current value (at the last available valuation point), and the amount that is available to withdraw.
1. The Available to Withdraw figure is an approximate amount, since fund units are forward-priced. This means that if you place a trade in the morning, we won’t know exactly how many units would need to be sold until the price is calculated later that day.
If there are any transactions in progress within the account, this may also affect its value.
Important: Please ensure you have sufficient units within the account to cover this trade.
2. You can choose to withdraw a percentage, unit or a monetary amount for this transaction (monetary amounts are used for this example).
Note: If you want to withdraw more than 95% of your account valuation, please select a percentage sale instead of a monetary amount to withdraw. This is because a minimum value must be retained within the account to remain invested.
3. Enter the amount to be withdrawn from each fund held within the account. If you don’t want to withdraw any units from a particular fund, leave the Amount to Withdraw field blank. The Total figure will update as you go.
4. Select Next once you have finished, to review your instruction.
5. Use the Back or Cancel options to discard the transaction at any time.
STEP TWO: REVIEW
1. Review the funds and amounts of the withdrawal instruction you have entered.
2. Important information about the next steps is shown.
3. Select Back to change any of the funds or amounts, or Cancel to discard the transaction.
4. Select Submit to send the transaction to another user for review.
STEP THREE: CONFIRMATION
After submission, a confirmation will display that your transaction has been successfully sent to an approver, for final checking and to submit the trade for processing.
1. Select View My Trades to view the deal in the Pending Deals section.
Note: You can return to view the trade at any time using the My Trades option in the left tool bar on the Homepage.
What happens next?
Once the ‘approver’ has processed your instruction, you will receive an email to confirm the action taken by the approver. They will either confirm or reject the transaction. If rejected, the email will contain the reason why, and you will need to submit the transaction again from the beginning.
If you have submitted a multiple trade withdrawal (for example, a total of £100,000 to be withdrawn from across multiple funds in one deal), and only one trade is incorrect, the whole deal will be rejected and you will need to submit it again.
Once processed, the proceeds raised from this withdrawal will be automatically paid to the Coverall Mandate (i.e. nominated bank account) held on the account.