Transition Services

Pre-Trade Strategy
Every portfolio transition is unique, and each one can take many forms: complete portfolio restructurings, asset allocation shifts, rebalancings or manager changes. We strive to create flexible, customized solutions for every transition client.

We begin by applying state-of-the-art analytics and cost forecasting models to assess the intricacies of the upcoming transition. This process generates a road map to help identify and anticipate inherent risks including liquidity, bid/ask spread, market impact, sector skews, country/currency biases and tracking error.

Based on the client’s investment objectives and portfolio characteristics, our team then assists the client in designing a customized trading strategy that offers access to global sources of liquidity across all asset classes.

Execution and Settlement
Taking into account timing and cost considerations, we identify efficient solutions to execute transactions for the client. We search for the most efficient pathway and then make proposals for agency, principal and hybrid strategies.

Our transition team excels at managing the operational risk embedded in complex multi-asset transitions and residual portfolios. We routinely use time-tested processes such as pre-settlement matching, SWIFT messaging and stock borrowing to settle trades on a timely basis.

Post-Trade Analytics
In addition to continuously monitoring the transition process, our team prepares and delivers a detailed customized post-trade report that measures transition costs, performance quality and execution efficiency across all asset classes. These reports allow us to provide to our clients direct comparisons of the results with our pre-trade estimates.