(This article originally appeared on Global Investor Magazine)

Goldman Sachs has closed down its Australian transition management business.

The investment bank will continue to offer services for Australian clients, a spokesperson confirmed, although the team will be based out of London.

Transition management units, which help pension funds to move investment portfolios between different managers or markets, have seen their commissions squeezed in recent times.

Reputation risk and capital constraints have also forced major players out of the market.

Credit Suisse and JPMorgan both departed the transition management business in 2013. BNY Mellon followed a year later.

“Restructuring within the GS Australia business has led to a firm decision to cease the presence of a dedicated transition Management team in Sydney,” said a Goldman spokesperson.

“Goldman Sachs will continue to provide TM services from its global hub in London and it’s regionally located salesforce, as it has done for more than 16 years, and including the execution of many transition orders for Sydney TM clients .

“By combining some of the most experienced Transition Managers in the business and a market share leading presence in global multi-asset execution expertise GS will maintain its commitment to transition services as a part of its broader pensions franchise.”

Citi, State Street, UBS, Macquarie and Russell Investments are the remaining TM players in Australia.