Morton Fox (mortonfox) wrote,
Morton Fox
mortonfox

Mutual Fund Madness

As a followup to yesterday, I called Strong Brokerage today to see if I could exchange out of the soon-to-be-liquidated Oakmark Small Cap Fund and into the Oakmark International Small Cap Fund. Well, it turned to be a little more involved than I thought. First, I got through to Operations and explained the situation. The rep thought it should be doable but wasn't sure if US Clearing would block the transaction. So they'd record the transaction and try that.

Later, I got a call back from Strong and the rep said that US Clearing hadn't received any information about this special exchange trade from Oakmark so they could not process the transaction. He advised me to call Oakmark and request that the information be sent to US Clearing so the transaction could be approved. Okay, so I did that and the Oakmark rep told me that the information had already been sent out to everyone a while back. So what we have here is a failure to communicate!

Called Strong again to inform them that Oakmark had already sent the information. As of the afternoon, a bunch of them were researching that. Oh boy.
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