Abel/Noser Transition Management Services

Abel/Noser Transition Management Services

Abel/Noser has a dedicated team focusing on the operational aspects of transition management, with execution handled by the firm's trading desk.

The firm is an agency-only broker and does not cross clients positions into any index funds or operate proprietary dark pools.

Abel/Noser also leverages its transaction cost analysis resources to build empirical/experience-based estimates of costs that is integrated into the execution process.

Size of transitions

Over the past 12 months, the average transition size at Abel/Noser has been US$121 million. The smallest transition in the last year was US$15 million and the largest was US$1.2 billion.

Hedging strategy

Hedging options include exchange-traded funds and futures.

Use of crossing

Abel/Noser believes crossing can be an important cost-controlling tool but only takes the opportunity to do so when a ‘natural’ opportunity arises. The firm regards the explicit savings of an artificially high crossing rate to be accompanied by unnecessary risk.

Reporting

Abel/Noser provides clients with a full suite of reports throughout the life cycle of a trade, including an experience-based pre-trade analysis, real time updates and post-trade analysis.

Reports are available in a pdf format and are produced prior to the trade, on trade date, and post-trade (within ten days of last settlement).

Benchmarks

The firm uses a variety of benchmarks but the most common are implementation shortfall and volume-weighted average price.

Fiduciary duties

Abel/Noser serves as a fiduciary for 100% of its transition mandates.