State Street Securities Company Ltd., a wholly owned subsidiary of State Street Corporation, announced today that it has been appointed transition manager for the pension fund of Japan Travel Bureau (JTB) and has completed a portfolio transition utilizing its agency-based transition management program.
Launched in 2001, State Street Securities provides trading capabilities focusing on transition management and commission recapture services. It is the first securities company in Japan to provide an agency-based, rather than principal-based, Transition Management Program.
Transition management is designed to reduce market impact and cost during the process of restructuring an investment portfolio, undertaken when a pension plan or other institutional investor moves from one investment strategy to another. State Street worked closely with the JTB pension fund, utilizing a managed process employing cdomprehensive pre-trade, trade, and post-trade analysis of the portfolio, and transparent reporting throughout the process.