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Topic:
who has the right to the dividends? - cherubin
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Tuesday, February 26, 2008 17:17
I need to get a confirmation on this issue from SK members.i opened a portfolio account with one of the investment banks in the city in September 2006 with an initial injection of 400k.After one year,no dividends had been credited to my account though all the companies in my portfolio had declared dividends.Upon enquiry,i was told the dividends are pooled together and distributed to all investors in the portfolio.This was not forthcoming.i insisted on speaking with the mgmnt & that is when it was revealed that the shares in portfolio mgmt are bought in the company's name and as such the dividends that accrue are pocketed by the portfolio manager.i think this is robbery without violence as the brokers already charge commissions for every deal in the account.Please advice whether this is tenable.
There Is No Virtue So Trully Great And Good Like Justice!
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