Octopus Portfolio Manager FAQ’s

Updated 2 September 2022

What’s happened?

Your Octopus Portfolio Manager (OPM) assets were transferred from Octopus Investments Limited to FundRock LGT on 5th September 2022. This means your assets are no longer held or managed by Octopus Investments Limited. FundRock will write to all OPM advisers and clients by 8th September 2022 to confirm their new account details and an opening fund valuation.

FundRock LGT will now be your main point of contact for all transactions you wish to make on your account or for fund valuations. You can contact FundRock at the below address or by calling +44 (0) 126 844 5772. Please quote your new account number when contacting FundRock LGT, and they’ll be happy to help.

Fundrock Partners Ltd – LGT WM
PO Box 12391
Chelmsford
CM99 2EU

Who are FundRock LGT?

FundRock are the Authorised Corporate Director (ACD) of the LGT Volare funds and were previously the ACD for the OPM funds. FundRock have been working with Octopus to provide alternative custody arrangements for the remaining OPM clients, allowing Octopus to close the OPM service. Full details can be found on their website: https://www.fundrock.com/investor-information/lgt-wealth-management-uk-llp/

Why have my assets been transferred?

Your Octopus Portfolio Manager (OPM) assets were merged with LGT Wealth Management’s Volare fund range on 14th April 2022. This means you’re now invested in the LGT Volare funds, managed by LGT Wealth Management.

Due to the merger, Octopus Investments also closed the OPM service. To allow time for you to seek alternative investment arrangements, Octopus continued to hold your OPM assets until 5th September 2022. Octopus Investments have written to you (and your adviser where applicable) to explain this change and the 5th September deadline.

As Octopus Investments didn’t hear from you before the 5th September 2022, your assets were transferred to FundRock LGT. FundRock LGT will now provide administration services such as your latest valuation and will process all future transactions you wish to make on your account. This includes requests to sell down your assets or transfer them to another provider. From 5th September 2022, Octopus will no longer be your point of contact or have visibility over your assets.

All future administration queries should be sent to FundRock LGT at the below address or by calling +44 (0) 126 844 5772. Please quote your new account number when contacting FundRock LGT.

Fundrock Partners Ltd – LGT WM
PO Box 12391
Chelmsford
CM99 2EU

How do I transact on my account?

FundRock LGT have written to you (and your financial adviser if you have one) with your new account number and a fund summary. Should you wish to sell, top-up, or transfer your assets into a new product or to LGT Wealth Management, please call FundRock LGT on +44 (0) 126 844 5772 or write to at the below address. Please use your new account number when contacting FundRock LGT.

Fundrock Partners Ltd – LGT WM
PO Box 12391
Chelmsford
CM99 2EU

We recommend you seek financial advice before transacting on your account.

How do I sell down my funds?

FundRock LGT have written to you (and your financial adviser if you have one) with your new account number and a fund summary. You can request to sell down your assets by calling FundRock LGT on +44 (0) 126 844 5772 or writing to them at the below address. Please quote your new account number when contacting FundRock LGT.

Fundrock Partners Ltd – LGT WM
PO Box 12391
Chelmsford
CM99 2EU

We recommend you seek financial advice before transacting on your account.

How do I transfer my funds?

FundRock LGT have written to you (and your financial adviser if you have one) with your new account number and a fund summary. Please quote your new account number when contacting FundRock LGT.

Please complete the following form to transfer your funds to another person: https://www.fundrock.com/media/x2ecpcgc/stock-transfer-form-may-2014.pdf and return it to:
Fundrock Partners Ltd – LGT WM
PO Box 12391
Chelmsford
CM99 2EU

Should you wish to purchase a new fund with a new provider, you would need to sell down your LGT Volare holdings and purchase the new fund with the new provider. We recommend you discuss this with your financial adviser or seek financial advice as there may be Capital Gains Tax (CGT) implications.

If you hold an ISA, please complete and return an ISA Transfer Application Form provided by the new ISA Plan manager and return to them. The new ISA plan manager will then contact FundRock LGT to arrange the transfer on your behalf.

We recommend you seek financial advice before transacting on your account.

I’d like to invest more money into the Volare funds

Please call FundRock LGT on +44 (0) 126 844 5772 and place a telephone deal. Otherwise, please send a cheque attached to a letter asking to top up your holdings to:

Fundrock Partners Ltd – LGT WM
PO Box 12391
Chelmsford
CM99 2EU

Please quote your FundRock reference number in all correspondence.

Have my funds changed?

Your OPM assets were merged with the LGT Volare fund range on 14th April 2022. This means you are now invested in LGT Volare funds, managed by LGT Wealth Management. The merger did not affect your OPM ISA or CGT status.

From 5th September 2022, Octopus will no longer be your point of contact or have visibility over your assets. FundRock LGT will provide all fund administration services and be contacted by calling +44 (0) 126 844 5772 or at:

Fundrock Partners Ltd – LGT WM
PO Box 12391
Chelmsford
CM99 2EU

Your Octopus Portfolio Manager service with Octopus Investment has now ended and Octopus Investments no longer manager or hold your assets.

Is ISA impacted by this change?

Your existing Octopus Portfolio Manager ISA allowances and status remain unchanged.

Have I been charged for this transfer?

You have not been charged for the transfer of your assets from Octopus Investments to FundRock Partners LGT.

Do I have to pay additional fees to FundRock LGT?

FundRock LGT will not charge any additional fees or charges for holding your assets. All future administration services such as selling down or transferring your assets to another provider will be provided free of charge.

Can my financial adviser contact FundRock LGT directly?

Yes, FundRock LGT have a record of your financial adviser. Your adviser can contact FundRock LGT directly by calling +44 (0) 126 844 5772 or in writing at:

Fundrock Partners Ltd – LGT WM
PO Box 12391
Chelmsford
CM99 2EU

Your financial adviser has been provided with a copy of our account number and fund details.

Were my funds dis-invested when the transfer happened?

No, your funds have not been liquidated at any stage. You have remained invested and there has been no impact to your Octopus Portfolio Manager CGT or ISA position.

I have a question regarding my OPM investments and FundRock LGT can’t help me

If you’re a financial adviser, please feel free to call us on 0800 316 2067 or email [email protected]. If you don’t have a financial adviser and would like to contact us, please call  0800 316 2295 or email us at [email protected].

Will my regular withdrawal service continue?

Yes, FundRock LGT have details of all regular withdrawal arrangements and they will continue to process these. The income will be raised by selling down proportionally across your funds. Going forward, your regular withdrawal payment will be credits on the 28th day of the month. Should you wish to cancel or change your existing regular withdrawal service please contact FundRock LGT on +44 (0) 126 844 5772 or in writing at:

Fundrock Partners Ltd – LGT WM
PO Box 12391
Chelmsford
CM99 2EU

Please quote your FundRock LGT account number which will be posted to you by 8th September 2022.

Updated 26 July 2022

I missed the transfer deadline, where are my assets held?

After 28th July, your assets will be transferred to the main fund shareholder register, managed by FundRock Partners Limited (“FundRock”). This means your assets will be held on the platform “SS&C Technologies” and will be registered directly in your name. FundRock will write to you when this transfer completes to confirm your new account details.

Once the transfer is complete, you will be able to contact FundRock directly to gain access to your assets, withdraw, top-up, or transfer your holdings. FundRock will also send you a valuation half yearly.

Octopus and FundRock will write to you to confirm when the transfer is complete. In the meantime, please contact us at [email protected] or call us on 0800 316 2067 if you require assistance.

Who are FundRock?

FundRock are the Authorised Corporate Director of the LGT Volare funds and have been working with Octopus to provide alternative custody arrangements for the remaining OPM clients. Full details can be found on their website: https://www.fundrock.com/investor-information/lgt-wealth-management-uk-llp/

FundRock’s contact details

Once the transfer is complete, FundRock will write to you to confirm contact details for all ongoing investment activity relating to your funds. In the meantime, please contact us at [email protected] or call us on 0800 316 2067 if you require assistance.

What are the FundRock costs and charges?

Following transfer of your assets from Octopus Investments to FundRock’s platform, the most recently published LGT Volare fund charges (Ongoing Charges Figure or OCF) will remain. However, no additional transfer fees will be applied. Similarly, there are no additional investor fees for liquidating, investing, or transferring your assets.

I have a Power of Attorney, who should I contact?

After 28th July, Octopus will work with FundRock to transfer the custody of your Volare funds to the main shareholder register. This means your assets will be held on FundRock’s platform (SS&C Technologies) and be registered directly in your name. Once the transfer is complete, you will be able to contact FundRock directly to gain access to your assets, withdraw, top-up, or transfer your holdings. FundRock will also send you a valuation half yearly.

Octopus and FundRock will write to you to confirm when the transfer is complete. In the meantime, please contact us at [email protected] or call us on 0800 316 2067 if you require assistance.

How does the transfer to FundRock impact my ISA wrapper?

Your ISA wrapper will remain unchanged and continue to be provided by FundRock. Once the transfer is complete you will be able to contact FundRock directly to make further investments.

How does the transfer to FundRock impact my SIPP wrapper?

Your SIPP wrapper will remain unchanged and will be transferred FundRock.

How do I access fund valuations in the future?

You should have recently received a valuation for the period 6th April – 5th July 2022 from Octopus, which can also be found in your document library on Octopus Online (if you have an account).  Once the transfer of your assets has completed we will share a closing statement with you to reflect the transfer. FundRock will then send you a valuation every 6 months and you will be able to contact FundRock by phone or in writing as required. We will share the details of how to do this once the transfer has completed.

When will regular withdrawals recommence?

Octopus will cease to perform regular withdrawals after June, this will allow for all transactions to settle before and during the transfer of your assets from Octopus to FundRock’s platform. Once the transfer to FundRock is complete, regular withdrawals will recommence. If you need to make an amendment to your regular withdrawal you will be able to contact FundRock once the transfer has completed.

Am I still paying my financial adviser?

No, following the merger of the OPM funds with the Volare Funds (14th April 2022), Octopus stopped being the discretionary fund manager and ongoing advice fees were switched off.


Why are you leaving the DFM market?

Since we launched OPM twelve years ago, there has been a huge increase in the number of investment companies launching discretionary management services, with fund managers and technology-led platforms offering efficient access to high-performing funds at lower costs. While we are proud of the returns we have delivered for your clients, we do not believe that OPM is as competitive as other funds available on the market.

As such we are proposing a change which we believe is in the best interests of your clients and will offer them a better outcome than closing the OPM funds. Octopus will receive no financial payment as part of this transaction.  

How will ‘OPM’ change when managed by LGT Vestra Group (‘LGTV’)?

It will change in two ways. Firstly, the OPM foundation funds will be merged with the Volare Fund Range, managed by LGTV. Once your OPM assets have been merged with the corresponding Volare funds, you will hold units in those funds and LGTV Group will manage your investments in line with the Volare Fund investment strategy. Secondly, Octopus will no longer provide the OPM discretionary portfolio service to you following the transfer. LGTV do offer a discretionary service and we will share details of this with you after the vote on the 23rd February 2022.

What does the merger mean for my OPM portfolio?

The OPM funds will automatically merge with the Volare fund range on 14th April 2022 (‘merger date’) and you will then own units in the Volare funds. From this date, Octopus will cease to be the investment manager of your investment and we will no longer provide the OPM discretionary portfolio management service to you.

From the 14th April to the 28th July 2022, we will continue to hold your Volare funds in our custody, giving you and your financial adviser further time to either complete the paperwork to become a LGTV customer, transfer your assets to another provider or to liquidate them. We will waive our custody fee during this period.

We wrote to you on the 28th February 2022 to confirm your OPM contract is hereby varied (as per clause 26.2a) to allow us to continue to provide custody and nominee services on your behalf until the 28h July 2022, and that your current OPM contract will terminate on 14th April 2022 (subject as stated regarding our custody and nominee services).

What options are available to me?

How do I become a LGTV customer?

You can start the paperwork to become a LGTV customer straight away by contacting us at [email protected] or 0800 316 2295. If you’re a financial adviser, please contact us at [email protected].

Octopus will pre-populate your application form with the most recent data we have before sharing with you for completion and signature. A member of the LGTV team will also be in touch with your financial adviser in the coming days to support them through this process. If you don’t have a financial adviser and would like to speak to someone at LGTV, please contact us at [email protected]. Once you’ve completed your paperwork, Octopus will transfer your assets from their custody to LGTV’s custody and you will become a LGTV customer.

What investment expertise do LGTV have?

The Volare Fund Range is currently managed by a dedicated team of six investment professionals who leverage extensively off the larger LGTV Infrastructure of over 350 professionals. The biographies of the investment managers can be found in LGT Vestra’s Model Portfolio Service brochure here.

Their objective is to create an “all-weather” investment solution for clients that performs in all markets, by focusing on controlling the downside risk in the portfolios in order to produce an attractive potential rate of investment return over the long term.

The Volare Funds are run to the same target matrix as the Model Portfolio Service (MPS) and mirror the asset allocation and fund selection of the respective MPS portfolio.

This gives you the ability to benefit from MPS expertise and investment process through a single fund solution where you deem this to be most suitable option for you. We recommend you seek financial advice before making any decisions.

Why have you chosen LGTV?

LGTV is a wealth management firm and banking group, managing £21bn of assets on behalf of their customers. We’ve worked closely with LGTV over the last six months and are confident in the quality of their team and investment approach. You can find information about the financial strength of LGTV at lgt.com.

How will this affect the performance of my portfolio?

The OPM foundation funds will be merged with the Volare Fund Range which is managed by ‘LGTV’. The past performance of the Volare Funds can be found here ,but please note past performance is not an indicator of future results or performance. LGT are an active fund manager, meaning they review their portfolios and the underlying investments regularly, taking necessary steps to ensure these will deliver long-term, risk-adjusted returns. 

What experience do LGTV have in managing similar propositions?

The Volare Fund Range was launched in 2017, and these funds have grown to over £250m and the strategy holds over £7bn. More information about LGT Vestra and the Volare Fund range may be found on here.

What level of reporting do LGT provide and what access to investment professionals will they provide?

LGT Vestra clients can access fund valuations 24/7 using an online portal. Additionally, investors will receive quarterly valuations with fund market commentary.

The Volare Fund Range is currently managed by a dedicated team of six investment professionals who leverage extensively off the larger LGT Infrastructure of over 350 professionals. The biographies of the investment managers can be found in LGT Vestra’s Model Portfolio Service brochure here.

Will I be able to view my real-time investments online with Vestra or will I be getting the monthly valuations from Octopus still?

Octopus will continue to provide valuations on the OPM funds until 13th April 2022. From the 14th April to 28th July 2022, Octopus will provide reporting on the Volare funds and share this with you in the same way we do today. From 13th April, we will be unable to provide a full ‘look-through’ valuations per OPM fund as we do today. This is because the OPM funds are being merged with the Volare funds.

What asset allocation methodology does the firm use?

The volatility bands, asset class, geographical composition, and investment objectives of the Volare funds are broadly aligned with the current OPM funds. The FCA and the fund’s Authorised Corporate Director have both approved the compatibility of the OPM and Vestra funds on this basis. Similarly, Vestra will not change the current underlying holdings within he OPM funds before the transfer.

LGTV uses a multi-asset approach designed to provide diversification and applies both quantitative & qualitative analysis to determine how best to allocate sectors, geographically and at different levels of the capital structure. They have their own in-house economists and specialists as well as purchasing external research to ensure that the right information is available ensuring the best chance of making the right decisions.

The Octopus foundation funds have been mapped to the Volare Fund Range as follows.

How strong are the firm’s research capabilities?

LGTV have their own internal investment research team which is solely responsible for fund research and due diligence. On top of this the investment team conduct regular reviews of all underlying Volare Fund investments including fund manager assessments.

 Will there be a difference in fees following the merger?

Set out in the table below is the current Ongoing Charges Figure (“OCF”) of each share class of the OPM foundation funds and their respective Volare Fund. Your holdings with Octopus are in the C shares. Any OPM holdings you may have on third-party platform are in the B shares. In addition to the below OPM fund OCFs, Octopus currently charge a headline annual discretionary portfolio management fee of 0.78% incl VAT for investment profiles 3-10. The current OPM fees and charges document can be found here.

While the Ongoing Charges Figure (“OCF”) of the Volare funds is higher than the OPM funds, they do not attract a discretionary management fee, and includes LGTV’s Annual Management Charge of 0.35%. LGTV charge a 0.25% custody fee. We appreciate the charges being applied will vary from client to client, Vestra will be in touch with your financial adviser to discuss this further in the coming days. If you don’t have a financial adviser, please contact us at [email protected]

What do I need to do if I want another provider to manage my investment?

Please contact [email protected] to let us know which OPM portfolio(s) you’d like to transfer, and we’ll be in touch to arrange this. If you’d like to transfer your portfolio before the merger takes place, please send us your instructions no later than 31st March 2022. Please seek advice from a financial adviser before transferring your OPM holdings to ensure your new investment manager can accept in-specie transfers and to avoid potential disruption to your ISA and / or capital gains liability.