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2018 Transition Management Survey

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Claudi Kessels

Industry Trends






























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

















 How many total portfolio transitions (including legacy and <!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl-->target) did your organization conduct?” /> <code style=














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)?

















 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?

















 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?

















 Did you use a consultant to assist/advise you in the <!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl--><!--mep-nl-->transitions?” /> <code style=














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)?

















 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?

















 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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