Home > Surveys > 2019 Transition Management Survey

2019 Transition Management Survey

Art by Nan Lee

Past Surveys

Industry Trends


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

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

2018 2019 1-year change 7-year
change
One 21% 24% 12% 7%
Two 18% 18% -1% -24%
Three 9% 12% -35% -4%
Four 8% 11% 43% 10%
Five 5% 4% -14% -18%
More than five 38% 31% -19% 14%
Average 6.5 5.8 -10% 27%

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)?

TOTAL value (in U.S. dollars) of all of the portfolio transitions your organization conducted in the past 12 months

2018 2019 1-year change
<$25MM 2% 9% 370%
$25MM – <$50MM 3% 2% -33%
$50MM – <$100MM 12% 9% -27%
$100MM – <$250MM 24% 18% -24%
$250MM – <$500MM 14% 15% 10%
$500MM – <$1B 16% 13% -20%
>$1B 33% 34% 2%

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

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

2018 2019 1-year change 7-year change
More transitions this year 52% 39% -26% -19%
Fewer transitions this year 22% 30% 38% 1%
Same number of transitions 36% 31% -14% 38%

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

2018 2019 1-year change 7-year change
Manager performance 47% 53% 13% 8%
Asset allocation shift 45% 48% 6% -21%
Rebalance 32% 32% 1% 18%
Restructure of your fund 34% 32% -7% -18%
Change in manager personnel and/or structure 36% 27% -25% 15%
Change in fund/manager benchmark 12% 15% 23% -2%
Cash flow, in or out 14% 14% 1% 47%
Merger of firms 5% 7% 34% 390%
Other 6% 8% 34% -2%

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

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

2018 2019 1-year change 7-year change
Yes 36% 45% 26% 45%
No 64% 55% -15% -16%

What kinds of transition trades did you conduct in the past 12 months?

2018 2019 1-year change 7-year change
Agency 66% 61% -8% 15%
Principal 17% 23% 38% -5%
Hybrid 21% 19% -8% -41%

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

2018 2019 1-year change 7-year change
1-No understanding 1% 2% 74% -77%
2-Very little understanding 6% 4% -32% -70%
3-Basic understanding 23% 21% -9% -44%
4-Good understanding 45% 42% -7% 49%
5-Full understanding 25% 31% 26% 135%
Average 3.88 3.97 2% 22%

Do you trust the transition management industry as a whole?

Do you trust the transition management industry as a whole

2018 2019 1-year change 7-year change
1-No trust 0% 0% — -100%
2-little trust 3% 2% -24% -89%
3-Neutral 25% 15% -41% -70%
4-Mostly trust 63% 73% 15% 209%
5-Trust completely 9% 10% 14% 1332%
Average 3.77 3.91 4% 33%
1 2 3 4 … 18