Investment, Research and Trading
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Portfolio Solutions

Transition Management

Managing risk in today’s increasingly complex and volatile markets is essential in controlling the cost of change.

Whether you’re changing investment managers or shifting asset allocation, we have both the depth of experience and breadth of capabilities to help you reach your target state efficiently. We offer a robust range of services, acting as both a dedicated agency broker-dealer and interim asset manager.

We will work with you from start to finish to design a seamless strategy, restructure your assets and deliver the new portfolio to your target fund managers. We assess risk dynamically throughout the transition with the goal of reducing overall costs, all while providing transparency around our process and execution.

Our project planning and strategy development will guide you from beginning to end in the transition process, and all the milestones in between. At the onset, our pre-trade reporting will provide you with detailed cost analysis, so there are no surprises.

At the end of each transition you’ll get a summary of the entire process and a full breakdown of costs to compare with our pre-trade estimates. 

Maintain performance through your transition

As we work with you to design and create your new portfolio, you can also take advantage of our other solutions to help you maintain liquidity and performance.

  • Interim exposure management — our interim exposure management delivers an effective exposure bridge designed to reduce the costs and risks incurred over the whole transition event. As you’re transitioning assets, we’ll customize a target exposure with your risk preferences, balancing tracking error and benchmark with expected costs.
  • Cash equitization — we maintain market exposure for your portfolio’s uninvested cash by overlaying the excess cash balances held by managers, along with any plan-level cash, to a targeted market exposure.
  • Liquidity management — to minimize your transition’s drag on your portfolio, we’ll help you manage your cash. With our size and access to one of the largest sources of natural crossing liquidity, you can reduce trading costs like commissions, spreads and market impact.