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October 15, 2018 10:08 AM EDT

2018 Transition Management Survey

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Industry Trends

How many total portfolio transitions (including legacy and target) did your organization conduct?

		2017	2018	1-year change	7-year change
	One	20%	21%	6%	-4%
	Two	22%	18%	-17%	-22%
	Three	10%	9%	-8%	-22%
	Four	10%	8%	-15%	-19%
	Five	5%	5%	-1%	-5%
	More than five	33%	38%	15%	41%
	Average	6.4	6.5	2%	41%

What was the TOTAL value (in U.S. dollars) of all of the portfolio transitions your organization conducted in the past 12 months (through August 2018)?

		2017	2018	1-year change
	<$25MM	6%	2%	-62%
	$25MM – <$50MM	2%	3%	52%
	$50MM – <$100MM	8%	12%	52%
	$100MM – <$250MM	15%	24%	62%
	$250MM – <$500MM	19%	14%	-28%
	$500MM – <$1B	12%	16%	32%
	>$1B	37%	33%	-12%

Was the number of portfolio transitions higher or lower this year than the previous year?

		2017	2018	1-year change	7-year change
	More transitions this year	57%	53%	-7%	12%
	Fewer transitions this year	19%	22%	16%	-27%
	Same number of transitions	24%	26%	8%	16%

What was the reason for conducting your transition(s)?

	2017	2018	1-year change	7-year change
Manager performance	54%	47%	-13%	-5%
Change in manager personnel and/or structure	30%	36%	20%	55%
Asset allocation shift	38%	45%	18%	-25%
Rebalance	28%	32%	14%	17%
Restructure of your fund	42%	34%	-19%	-11%
Merger of firms	5%	5%	0%	265%
Change in fund/manager benchmark	5%	12%	140%	-20%
Cash flow, in or out	21%	14%	-33%	46%
Other	15%	6%	-60%	-27%

Did you use a consultant to assist/advise you in the transitions?

		2017	2018	1-year change	7-year change
	Yes	42%	36%	-14%	15%
	No	58%	64%	10%	-2%

What was the reason for conducting your transition(s)?

	2017	2018	1-year change	7-year change
Agency	65%	66%	2%	25%
Principal	23%	17%	-26%	-24%
Hybrid	19%	21%	11%	-36%

How well do you understand the different transition management models (i.e. sell side/buy side/agency/ principal)?

		2017	2018	1-year change	7-year change
	1-No understanding	1%	1%	0%	87%
	2-Very little understanding	5%	6%	20%	-55%
	3-Basic understanding	30%	23%	-23%	-38%
	4-Good understanding	44%	45%	2%	60%
	5-Full understanding	21%	25%	19%	87%
	Average	3.79	3.88	2%	19%

Do you trust the transition management industry as a whole?

		2017	2018	1-year change	7-year change
	1-No trust	0%	0%	N/A	N/A
	2-little trust	4%	3%	-25%	-86%
	3-Neutral	21%	25%	19%	-49%
	4-Mostly trust	67%	63%	-6%	167%
	5-Trust completely	8%	9%	9%	1118%
	Average	3.79	3.77	2%	29%

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