RT Journal Article SR Electronic T1 Transition Management in Times of Market Volatility JF Trading FD Institutional Investor Journals SP 47 OP 51 VO 2009 IS 2 A1 Kevin Byrne YR 2009 UL http://guides.pm-research.com/content/2009/2/47.abstract AB Virtually all aspects of the investment lifecycle have been turned on their head in the past year’s market disruption, and transition management is no exception. Functions carried out during a manager transition include the sourcing of liquidity, short-term risk management and the adherence to operational benchmarks, all of which have become more challenging in the current environment. Understanding these challenges has become imperative for the transition manager to successfully implement the transfer to the asset owner’s target allocation.This article addresses the similarities and differences with previous market dislocations and looks at the ways the recent volatility is affecting the implicit costs of trading, both in quantitative terms using current impact models and intuitively. It also shows that no asset class, with the exception of perhaps treasuries, has been immune and that systematic risk has dwarfed idiosyncratic risk in terms of the composition of realized volatility.