We’re likely to see more fund mergers and transfer of members into better performing funds, given the Productivity Commission’s attention on underperforming funds. In recent years, regulators have increasingly focused on the topic of best execution, and they may be asked to play an even greater role in the future. Best execution is at the hub of new disclosure requirements in the EU under the Markets in Financial Instruments Directive (MIFID II) and Australian asset owners increasingly expect similar levels of best practice from their managers. Fundamentally, best execution requirements are designed to protect clients and ensure brokers and asset managers seek to achieve the most favourable outcome on their behalf. In the below article, STUART ANDERSON examines how management of a transition exercise can be evaluated through a similar lens.