Late notification could lead to missed applications and redemptions, missing the closure of markets, missed investment opportunities, incorrect processing and increased risk. From a funds manager’s point of view, the exposures are managed by the transition manager. “The old days of getting a stock list and then working out which ones you want to keep are long gone,” said Kimon Kouryialas, the Australian head of Martin Currie Investment Management. “Since 2005 we only deal in cash or where there’s a specialist transition manager.” He said that global equity managers wanted transition managers to have full global reach, execution skills and crossing networks, backoffice capabilities and good communications. Confidentiality was also very important, he said.