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1、CHAPTERFIFTYTRANSITIONMANAGEMENTDANIELGALLEGOSTransitionmanagementistheprocessoffacilitatingthemovementofaninvestmentportfoliofromonestrategyormanagertoanother.Thisoperationcanconsistofacompleteportfoliorestructuring,astraightliquidation,and/orahedgedtransaction.Atransi
2、tionteam’sprimarygoalistofacilitatethetransitioninacontrolledman-nerthatwillachievetheclient’sobjectives.Theseobjectiveswillvarybutmostlike-lywillconsistofretainingtheportfolio’scurrentmarketvaluewhilemitigatingunwantedrisksassociatedwiththetransition.Atransitionmanagem
3、entteamiscomprisedofanumberofexpertswhofacilitatethetransition.Areasofexpertiseincludetrading,investmentadministration,tradeclearing,operations,legal,riskmanagement,andaccounting.Inthischapteranoverviewofthetransitionman-agementprocessandadescriptionofthevariouscomponen
4、tswillbediscussed.OVERVIEWOFFIXEDINCOMETRANSITIONMANAGEMENTThefixedincometransitionmanagementprocessismadeupofthreedistinctphases:planning,implementation,andreporting.Becausefixedincomesecuritiesaretrad-edintheover-the-countermarket,agreatamountofdetailandstrategicplannin
5、gisnecessarytoensurearisk-controlledimplementation.Theplanningphaseencom-passestheinitialscreeningoftheclient’sobjectives,aswellasadetailedanalysisofthecompositionofboththelegacyandtargetportfolios.Itisinthisphasethatthetimingandcostexpectationsareset.Theimplementationp
6、haseincludesthedevelopmentofadetailedtransitionstrategy,openingofaccounts,preparationforthesettlementofvariouscurrencies,audittracking,andhedgepreparation.Oncetherestructuringiscompletedandtheassetshavebeendelivered,thereportingphaseisbegun.Thereportingphaseiscomposedof
7、aperformanceanalysis,traderecap,pro-ceedsreconciliation,anddevelopmentoftheclient’sfinalreport.TheTransitionManager’sLegalCapacity,TransferenceMethods,andTradingProgramsDuringthetransitionprocess,thetransitionmanagermayormaynotbenamedafiduciary.Thisdistinctionisimportantb
8、ecauseassignmentasafiduciarycanalter1147Copyright©2005,2001,1997,1995,1991,1987,1983byTheMcGraw-HillCompanies,I
