At $115 billion per annum, the transition of on-market investments represents “big money” and a very significant risk that needs to be carefully managed. Over eight years the JANA Transition Management Survey has revealed that the leading Australian transition managers had undertaken a total value of $920 billion transitions. As the pool of superannuation continues to grow, so will the value of transitions. Investors will move investments for a variety of very sound reasons, but there are associated costs in doing so and a major focus has to be the mitigation of risk. This paper outlines the indicative costs and the alternative approaches that may be adopted to manage the risks.