The transition management business has been through a difficult period, but in a trimmed-down market the remaining players are diligently getting on with the business of serving their clients and the results are encouraging.
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There has been an exceptional number of departures in the past 12 months. BNY Mellon was the most recent to close its beta and transition management business in mid-March, and this follows the closure of BNY Mellon's other former business, Convergex.
Credit Suisse closed the doors on its transition management business in May 2013 and JPMorgan closed the majority of its business shortly after, keeping open just its Australian arm.
But not all have succumbed to the challenging market. State Street had its own share of problems, with a double-charging scandal in 2012, but weathered the storm and remains in the business. Citi seems to go from strength to strength and Nomura remains a strong performer in Europe. All three firms that qualified for this survey received glowing reports from their clients.
The methodology behind the survey can be viewed here: http://bit.ly/1lpXqxc