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Risky Business

Transitioning Large Portfolios and the Cost of Leakage

Traders Magazine, April 2007

Michael Scotti and Gregory Bresiger

Pension funds realize firing a money manager or a group of them can be expensive. They know there are plenty of trading costs and operational risks that accompany the implementation of new investment strategies, moving assets between investment managers. But no pension fund likes to get taken for a ride and overpay. Yet that is exactly what some pension funds feel has been happening-and some transition management pros agree. "We believe in our firm that the transition management community has not provided the solutions for plan sponsors," says Hari Achuthan, head of strategy and sales for transition management at Credit Suisse.

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