- Summary & Methodology
- Industry Trends
- Transition Manager League Tables
- Transition Manager Profiles
- Abel Noser, LLC
- BlackRock
- BTIG, LLC
- Citigroup Global Markets Inc.
- Macquarie Group Ltd.
- Northern Trust Investments, Inc.
- Pavilion Global Markets Ltd.
- Russell Investments
- State Street Global Markets
Past Surveys
Industry Trends
Asset pools managed by responding organizations
| Traditional pension or defined benefit (DB) plan | 77% |
| Defined contribution (DC) plan | 44% |
| Endowment | 13% |
| Foundation | 14% |
| Other | 17% |
Total investable assets of responding organizations
| <$1B | 8% |
| $1B – $5B | 23% |
| >$5B – $15B | 21% |
| >$15B – $50B | 21% |
| >$50B – $100B | 13% |
| >$100B | 14% |
Total value of all portfolio transitions conducted since 01/01/2019
| <$100MM | 15% |
| $100MM – $250MM | 21% |
| ≥$250MM – $500MM | 14% |
| ≥$500MM – $1B | 15% |
| ≥$1B | 35% |
Average number of portfolio transitions (include legacy and target) completed by period
| Average | |
| 2016 | 4.8 |
| 2017 | 6.4 |
| 2018 | 6.5 |
| 2019 | 8.2 |
| 2020 (through 06/30/2020) | 7.7 |
Expectation on number of portfolio transitions in 2021
| Expect more transitions in 2021 than in 2019 | 20% |
| Expect fewer transitions in 2021 than in 2019 | 30% |
| Expect roughly the same number of transitions in 2021 as 2019 |
50% |
Main reasons for conducting transition(s)
| Manager underperformance | 59% |
| Asset allocation shift | 41% |
| Restructuring fund | 36% |
| Rebalance | 29% |
| Change in manager personnel and/or structure | 28% |
| Change in fund/manager benchmark | 13% |
| Cash flow, in or out | 12% |
| Merger of firms | 6% |
| Other | 10% |
Was an unaffiliated consultant used to assist in transition(s)?
| Yes | 33% |
| No | 67% |
Since January 2019, were any transition events completed DIRECTLY with an investment manager(s)?
| Yes | 55% |
| No | 41% |
| Unsure / Don’t know | 4% |
Do you have a panel of approved transition management providers?
| Yes, officially (i.e., providers have completed ‘evergreen’ agreements) | 43% |
| Yes, unofficially (i.e., list of ‘trusted’ providers but no formal agreements) | 32% |
| No | 25% |
Number of firms on panels
| 1 | 15% |
| 2 | 36% |
| 3 | 30% |
| 4 | 13% |
| 5 or more | 6% |