TY - JOUR T1 - Unbundling Transition Decision-Making from Execution JF - Trading SP - 42 LP - 54 VL - 2003 IS - 1 AU - Steven Glass AU - Norman Goldberg Y1 - 2003/06/20 UR - http://guides.pm-research.com/content/2003/1/42.abstract N2 - Only a few transition managers (mainly consultants) offer unbundled transition advisory services. Most of the firms offering consulting services link their consulting arm with their asset management and/or broker/dealer divisions and bring institutional predispositions, strengths, and weaknesses that favor certain approaches over others. Perhaps most important, transition managers often do not act as a plan fiduciary, but instead act solely in a brokerage capacity. As a consequence, plan sponsors who feel the need for fiduciary advice and expertise should consider a new paradigm whereby the roles of transition fiduciary, and trade execution are bifurcated. Under such a model, plan sponsors need not rely on “firewalls” between the advisory and execution teams, and enjoy unfettered access to the optimal trading strategy and venue (pursuant to fiduciary advice that is “agnostic” with respect to transition methodology and executing broker/dealer). ER -