@article {Glass107, author = {Steven Glass and Paul Ballard}, title = {Prudent Transition Management, or Sneaking an Elephant across a Putting Green}, volume = {2002}, number = {1}, pages = {107--129}, year = {2002}, publisher = {Institutional Investor Journals Umbrella}, abstract = {Efficient portfolio transitions don{\textquoteright}t happen on their own. For better or worse, plan sponsors establish the structures and procedures by which their transitions are implemented. These policies will largely predetermine the level of costs ultimately paid from their funds. In point of fact, other than asset allocation and manager selections, there are few instances where plan sponsors have such a direct impact on the costs (and thereby bottom-line returns) incurred by their funds. Using a very large and complicated transition implemented by the Texas Permanent School Fund ({\textquotedblleft}PSF{\textquotedblright}) as a case study, the authors provide a comprehensive road map for prudent transition management. The article is divided into eight major sections, roughly corresponding to the sequential stages of a portfolio transition. Each section begins with a generic overview of the broad issues, followed by the specific considerations and trade-offs encountered in the PSF{\textquoteright}s transition. In this fashion, the reader is provided both the essential ingredients of a sound, prudent approach to transition management, as well as concrete illustrations that marry transition theory to reality. A concluding summary offers a bullet-point time line and check-list.}, URL = {https://guides.pm-research.com/content/2002/1/107}, eprint = {https://guides.pm-research.com/content/2002/1/107.full.pdf}, journal = {Trading} }