ABN Amro has named JP Morgan’s Steve Webster as head of transition management, a new role. Webster was a vice president at JP Morgan and was responsible for transition management in Europe, the Middle East and Africa. He was there for four years. He’s been hired to build ABN Amro’s wholesale transition management business, which it says is growing rapidly.
Transition management skills are also becoming an issue as pension funds make structural changes to their portfolios. “These adjustments have become increasingly complex and require specialised skills,” ABN Amro said in a statement.
“The industry has had to become more efficient as the returns were reduced,” Webster said, explaining that efficient transition management involved direct connection with consultants, trustees, custodians, as well as new and old management teams.