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Transition Management


Whether changing managers or changing investment strategy, restructuring a portfolio incurs both expense and risk. Engaging an independent transition management specialist can bring discipline and accountability to the process. Northern Trust Securities LLP helps clients of all types manage both the direct and indirect costs of transitioning portfolios.


We offer a distinctive, personalised approach to transition management that can support any asset class and that minimises both the direct and indirect costs associated with a portfolio restructure.

We create and execute customised strategies for each transition event – rooted in your current portfolio, your target portfolio, and your specific goals and objectives.

Turn to Northern Trust for a transition processing that offers:

  • Expertise: We are experts in managing the nuances and complexities of portfolio transitions and our track record demonstrates that expertise:

    We met or beat our pre-trade estimates on 95.7% of the transitions we have executed in the past five years.

  • Independence: Our transition management practice is not distracted by other business lines or potential conflicts, so our priority is always your best interest:
    • We never advertise transition trading activities.
    • We do not cross with hedge funds or other “fast money” traders.
    • We do not engage in proprietary trading or investment banking activities.
  • Transparency: We provide extensive pre- and post-trade analytics so you can evaluate our performance and be aware of developments within your portfolio throughout the process.
  • Rigor: Transitions are meticulously managed and carefully measured so that we can identify and mitigate risks that come up during the transition. The result is that you gain peace of mind, and can focus on managing your business while we take care of the details.


We listen and consult with you to understand the context and objectives around the transition: overall allocation, benchmark and manager changes, timing concerns and risk restrictions.

  • Pre-Trade Analysis – The transition team completes a detailed analysis of your transition portfolio to identify risk characteristics, liquidity sources, projected costs and potential savings. Then you receive a customised timeline, trading strategy and cost projection.
  • Trading and Settlement – Our team coordinates all aspects of your transition, including legal documentation, trading and settlement. You receive daily progress reports.
  • Post-Trade Analysis – After the transition, you receive detailed descriptions of the results, including:
    • An executive summary of the assignment
    • Actual costs versus the pre-trade analysis
    • Performance against agreed upon benchmarks
    • Trade execution analytics


Northern Trust has institutional brokerage offices in Chicago, New York, London, Sydney, and Hong Kong.

Northern Trust and its subsidiaries operate in 19 U.S. states and 20 countries throughout North America; Europe, Middle East and Africa; and Asia Pacific.


For more information about our Transition Management services, speak with your Northern Trust relationship manager or contact Ben Jenkins.

Ben Jenkins

Ben Jenkins

Global Head of Transition Management
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Ben Jenkins

Ben Jenkins

Global Head of Transition Management

Ben Jenkins is Global Head of Transition Management at Northern Trust and a Senior Vice President. Ben is charged with business development and oversight of the transition management business and teams based in Americas, EMEA and Asia.

Ben joined Northern Trust in 2006 as a strategist and progressed to practice lead for US strategy within the Northern Trust Transition Management group. Prior to this, Ben spent four years with Capital Institutional Services, Inc. (CAPIS), an institutional broker-dealer, where he co-managed the transition management desk.

With more than 15 years of industry experience, 13 of which are in transition management, Ben holds 7, 63, and 24 FINRA licenses.

Brochure: Asset Servicing in Asia [PDF]
With the right combination of local expertise, global capabilities and sharp client focus, Northern Trust’s unwavering commitment will help you meet your immediate and long-term objectives. 

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.

For Asia-Pacific markets, this material is directed to expert investors and professional investors only and should not be relied upon by retail investors.