Chief Investment Officer - 2013 Transition Management Survey

Chief Investment Officer - For the world's largest asset owners

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For the world's largest asset owners

Overall Service Rating (unweighted)1=poor; 5=excellent
1Abel Noser4.71
2Russell 4.59
3Citi 4.58
4Northern Trust4.54
5Pavilion 4.45
6BlackRock 4.38
7State Street 4.28
8BNY Mellon 4.07
Overall Service Rating (weighted)1=poor; 5=excellent
1Russell4.63
2Abel Noser 4.62
3Northern Trust4.53
4State Street 4.46
5Pavilion 4.37
6Citi 4.15
7BlackRock 4.11
8BNY Mellon 3.85
Value of Transitions Rated(in $millions)
1State Street$26,245
2Russell $25,619
3BlackRock $17,760
4BNY Mellon $8,015
5Citi $7,585
6Pavilion $6,139
7Northern Trust$3,539
8Abel Noser $448
Complexity of Transitions(1=simple; 5=extremely complex)
1BlackRock3.54
2BNY Mellon 3.47
3State Street 3.44
4Russell 3.41
5Citi 3.25
6Northern Trust3.23
7Pavilion 3.00
8Abel Noser 2.67
Level of Track Record Disclosure(1=none; 5=complete disclosure)
1Abel Noser4.83
2Pavilion 4.52
3Russell 4.32
4State Street 4.29
5BlackRock 4.23
6Citi 4.08
7Northern Trust4.00
8BNY Mellon 3.93
Lowest Commission Charges*(% of clients answering "yes")
1State Street72%
2Citi 67%
3Abel Noser 67%
4BlackRock 64%
4Northern Trust64%
6BNY Mellon 56%
7Pavilion 34%
8Russell 31%
* Survey question: "Did your transition manager have the: a) lowest commission charges; b) lowest total cost estimate of all pre-trade responses?"
Lowest Total Cost Estimate*(% of clients answering "yes")
1Northern Trust80%
2Abel Noser 80%
3State Street78%
4BlackRock 64%
5Pavilion 63%
6BNY Mellon 55%
7Russell 47%
8Citi 54%
* Survey question: "Did your transition manager have the: a) lowest commission charges; b) lowest total cost estimate of all pre-trade responses?"
Cost Performance vs. Estimate*(1=always missed; 5=consistently beat)
1Pavilion3.32
2BlackRock 3.38
3Russell 3.57
4Citi 3.67
4State Street 3.67
6BNY Mellon 3.71
7Northern Trust3.92
8Abel Noser 4.00
* For cost vs. estimate table, a score closest to 3.00 is ideal, which equates to "on average matched the pre-trade estimate"
Confidence in Revenue Disclosure (unweighted score)(1=none; 5=extremely confident)
1Northern Trust4.15
2Abel Noser 4.09
3BlackRock 4.08
4Russell 3.95
5Citi 3.92
6State Street3.88
7Pavilion 3.55
8BNY Mellon 3.53
Confidence in Revenue Disclosure (weighted score)(1=none; 5=extremely confident)
1State Street4.14
2Northern Trust4.09
3Russell 3.98
4Abel Noser 3.97
5BlackRock 3.86
6Pavilion 3.70
7Citi 3.54
8BNY Mellon 3.35