The asset management pages on this site are intended for institutions, consultants and charities only.

The information herein is not intended for private clients or other individuals and such individuals should not rely upon it.

By accessing these pages, you agree to be bound by the terms and conditions set out below. Before proceeding, you should carefully read these terms and conditions.

International Legal Information

Please read this important legal information before proceeding, as it explains certain restrictions imposed by law on the distribution of this information and the countries in which our funds are authorised for sale. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction.

Please note that when you confirm you have read this important information we will place a cookie on your computer to recognise you and prevent this page reappearing should you access this site on future occasions. The cookie will expire after six months or sooner should there be a change to this important information.

A cookie is a small data file. Such cookies do not retrieve information about you stored on your hard drive and do not corrupt or damage your computer or computer files. You are not obliged to accept a cookie that we send to you, and you can in fact modify your browser so that it will not accept cookies. For more information about cookies including how to set your internet browser to reject cookies please go to

By confirming that you have read this important information, you also:

Agree that such information will apply to any subsequent access to the Asset Management section of this website by you, and that all such subsequent access will be subject to the disclaimers, risk warnings and other information set out herein; and warrant that no other person will access the Asset Management section of this website from the same computer and logon as you are currently using.

The funds described in the following pages are administered and managed by companies within the Northern Trust Group (“Northern Trust”) and can be marketed in certain jurisdictions only. It is your responsibility to be aware of the applicable laws and regulations of your country of residence. Further information is available in the Prospectus or other constitutional document for each fund.

The contents of this site have been prepared solely for informational purposes. None of the information contained in this site constitutes an offer to buy or sell or is a solicitation to buy or sell any security, product, service or investment, nor does any opinion expressed on this site constitute a recommendation or investment advice.

The funds described are not available for distribution to or investment by US investors. The shares will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") and may not be directly or indirectly offered or sold in the USA or any of its territories or possessions or areas subject to its jurisdiction or to or for the benefit of a US Person.  By accessing this part of the site you confirm that you are not a "US Person" (within the meaning of Regulation S under the Securities Act) and are located outside the US.

The following describes important information about Northern Trust's Irish-domiciled funds (the "Irish Funds") and should be read carefully before investing. If you have questions or concerns about the contents of the Prospectus of an Irish Fund or the suitability of an investment for your particular situation you should consult your bank manager, solicitor, accountant or other financial adviser.

The Irish Funds have been authorised by the Central Bank of Ireland (the “Central Bank”) as Undertakings for Collective Investment in Transferable Securities. This authorisation however, does not constitute a warranty by the Central Bank as to the performance of the Irish Funds and the Central Bank shall not be liable for the performance or default of an Irish Fund. Authorisation of an Irish Fund is not an endorsement or guarantee of the Irish Fund by the Central Bank nor is the Central Bank responsible for the contents of this website.

Potential subscribers and purchasers of shares in an Irish Fund should inform themselves as to (a) the possible tax consequences, (b) the legal requirements, (c) any foreign exchange restrictions or exchange control requirements, and (d) any other requisite governmental regulatory or other consents or formalities which they might encounter under the laws of the countries of their incorporation, citizenship, residence or domicile and which might be relevant to the subscription, purchase, holding or disposal of such shares.

The distribution of the Prospectus of each Irish Fund and the offering or purchase of its shares may be restricted in certain jurisdictions. No person receiving a copy of the Prospectus or subscription form of an Irish Fund in any such jurisdiction may treat the Prospectus or the subscription form as constituting an invitation to that person to subscribe for shares, nor should that person in any event use the subscription form, unless in the relevant jurisdiction such an invitation could lawfully be made to that person and the subscription form could lawfully be used without requiring compliance with any registration or other legal obligations. Accordingly, the Prospectus of an Irish Fund does not constitute an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.

The Central Bank has neither reviewed nor in any way commented upon the fund documentation of Northern Trust's non-Irish-domiciled funds. No public offer is made of such funds within the meaning of applicable Irish law. The documentation of such funds has not been prepared in accordance with the laws of Ireland. The documents have not been reviewed, approved or authorised by any regulatory authority or exchange in Ireland and therefore may not contain all the information required where a document is prepared pursuant to applicable Irish laws.

The Irish Funds have not been registered with the Swedish Financial Supervisory Authority (Sw. Finansinspektionen), pursuant to Chapter 1 Section 7 of the Swedish Investment Funds Act 2004 (Sw. lag (2004:46) om investeringsfonder). Accordingly, the Irish Funds may not be marketed or sold in Sweden for the purposes of the Investment Funds Act and applications to subscribe or redeem Shares in the Irish Funds will only be considered if sent directly to the Irish Funds outside Sweden.

The Irish Funds are not available for distribution through this website to any type of investors in the Netherlands.

Applications to invest in any fund referred to on this site, must only be made on the basis of the offer document relating to the specific investment (e.g. Prospectus or other applicable terms and conditions).  Our products and services are subject to the terms and conditions and disclaimers of the applicable agreement governing their use.

As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Details are contained in the relevant Application Form, Prospectus or other constitutional document.

Northern Trust has not considered the suitability and appropriateness of any investment you may make with us in the context of your personal circumstances.  If you are unsure about the meaning of any information provided please consult your financial or other professional adviser.

The information contained on this site is subject to copyright with all rights reserved. It must not be reproduced, copied or redistributed in whole or in part.

Where a claim is brought against Northern Trust by a third party in relation to your use of this website, you hereby agree to fully reimburse Northern Trust for all losses, costs, actions, proceedings, claims, damages, expenses (including reasonable legal costs and expenses), or liabilities, whatsoever suffered or incurred directly by Northern Trust as a consequence of your improper use of this website.

Past performance is no guarantee of future performance.

The value of investments and the income from them may go down as well as up and are not guaranteed. You may not get back the amount you invested.

Rates of exchange may cause the value of the investments to go up or down.

Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially.

For your protection, telephone calls are usually recorded.

Accept     Decline
Northern Trust Logo

Transition Management Glossary


Adverse Selection - Risk that only liquid securities are crossed leaving illiquid securities and mismatched sectors.

Bid/Ask Spread - Difference between the lower bid (broker buys) and the higher ask (broker sells) for a security.

Credit Rating - A measure of a bond's quality as determined by a rating service. Ratings start at "AAA", the highest ranking, through "D" for bonds in default. The analysis uses Bloomberg composite ratings which are a blend of Standard and Poor's and Moody's.

Crossing (Internal) - Using a transition manager's access to index funds or other transition client flow to offset buys and sells. These security transfers are priced at the closing price of the day and are 100% free of commission and market impact costs since they are never shown to any brokers.

Crossing (External) - Using publicly available networks such as ITG's POSIT or Instinet to buy or sell securities at a pre-determined price. These trades are executed at low commission rates and market impact costs are reduced by either executing the match at the mid-point of the bid/ask spread or by pricing the trade at the market close.

Duration - The weighted average maturity of a securities future cash flows. A higher duration indicates greater price sensitivity to changes in interest rates.

Explicit Costs - Represents the most visible, but least significant cost of a trade. Includes commissions and fees.

Delay - Represents the loss in investment value between time of decision to trade and actual order release. Can also arise due to a jump in market prices from the prior night's close to the open, (i.e., open gap).

Fiduciary - Represents those who have discretionary authority or control over fund assets, are free from conflicts of interest, and must act in the interests of the participants of the plan.

Implementation Shortfall - Represents the difference in return between the actual portfolio and the target portfolio.

Implicit Costs - Represents the least visible, but most significant cost of a trade. Includes spread, market impact, timing risk, tracking error, and information leakage.

Information Leakage - The release of material information about a trade before the order is released to the market. Raises total costs since it allows arbitrageurs to trade ahead of the transition.

In-kind Transfers - Securities that are transferred from the legacy to target portfolio. These security contributions are priced at the closing price of the day and are 100% free of commission and market impact costs.

Legacy Portfolio - Portfolio that securities are being transitioned from.

Market Impact - Amount that a security price moves after placing a trade order.

Opportunity Costs - Cost associated with the time gap in transferring assets from the legacy portfolio to the target portfolio.

Over the Counter (OTC) - A dealer dominated trading market where securities exchange hands through direct negotiating between buyers and sellers. The majority of bonds and NASDAQ equity securities are traded OTC.

Pre-trade Analysis - An analysis detailing trading costs (commissions, taxes, market impact, bid/ask spread and opportunity costs), compared against an unmanaged transition providing characteristics of the legacy and target portfolios and highlighting problematic securities to be transitioned.

Post-trade Analysis - A comparison of the actual costs versus the pre-trade estimates of the transition and stated benchmark.

Principal Bid - Represents brokers who commit capital to facilitate trade at price set at a predetermined time in exchange for a premium. In the U.S., all principal trades are executed at the closing price. A blind bid is one that is submitted revealing only general characteristics of the securities, (beta, volatility), and not a specific list of securities.

Target Portfolio - Portfolio that securities are being transferred to.

Tracking Error - The expected deviation from the expected differences in returns between two portfolios.

Unmanaged Transition - Assumes that all trades are done in the open market without the benefit of in-kind transfers, internal crossing or external crossing.

<a name="craig">&nbsp;</a>Craig Blackbourn

 Craig Blackbourn

Head of Transition Management, EMEA
person icon
View Profile
Hide Profile
<a name="craig">&nbsp;</a>Craig Blackbourn

 Craig Blackbourn

Head of Transition Management, EMEA

Craig Blackbourn is a Senior Vice President and EMEA Head of Transition Management. Craig is charged with the long-term strategy of the group, client management and day-to-day operations.

Craig has extensive transition management experience, joining Northern Trust in December 2016 from Nomura (formerly Lehman Brothers) where he was head of transition management in EMEA and Asia excluding Japan. Prior to this, Craig spent two years at BNP Paribas Securities Services. In the 12 years previous to joining BNP Paribas, Craig held a number of managerial roles within various functions for the Deutsche Bank Group, including Global Custody and Asset Management, from which the firm offered transition management services to institutional investors.

Overall, Craig has more than 23 years of industry experience and 17 years’ experience in the transition management arena, where he has overseen the execution of some of the most complex events undertaken in the industry.

Gavin Mashford

Gavin Mashford

Transition Management Specialist
person icon
View Profile
+44 (0) 20 7982 2903
Hide Profile
Gavin Mashford

Gavin Mashford

Transition Management Specialist

Gavin Mashford works within the Northern Trust Capital Markets sales and relationship management team as a Specialist, Transition Management. Based in London Gavin’s role is to focus on transition management sales and distribution, whilst working closely with clients and the transition managers to provide relationship management through a restructure.

Gavin joined the transition management team in September 2013.  Before joining Northern Trust, Gavin spent seven years at Deutsche Bank where his responsibilities included; covering client service solutions and market initiatives for the derivatives team, specifically with regard to OTC and their regulation.

Gavin graduated from Lincoln University with a BSc Honours degree in 2001.

Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A. Incorporated with limited liability in the U.S. Products and services provided by subsidiaries of Northern Trust Corporation may vary in different markets and are offered in accordance with local regulation. For more information, read our legal and regulatory information about individual market offices.

Northern Trust Asset Management comprises Northern Trust Investments, Inc., Northern Trust Global Investments Limited, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc., 50 South Capital Advisors, and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company.

This material is directed to professional clients only and is not intended for retail clients. For Asia-Pacific markets, it is directed to institutional investors, expert investors and professional investors only and should not be relied upon by retail investors.

Issued by Northern Trust Global Investments Limited.

Read the UK Stewardship and Proxy Voting guidelines by Northern Trust Corporation affiliates.