convergence No Comments

Alternative Asset Managers See Increase In “Complexity” During The Quarter

Total new regulatory disclosures up; 2% of managers experience higher complexity in the period

SOUTH NORWALK, Conn. (April18, 2017) – Alternative asset managers saw an increase in “complexity” during the first quarter of 2017, with 152 Managers, or 2%, moving to a High Complexity Profile in their operational and business model, according to Convergence, a leading provider of data and insights to the alternative investment industry. The increase in complexity was led by hedge funds, with 78 funds moving to High Complexity, compared to 34 private equity funds, 10 real estate funds, and 28 “other category”.

Convergence assesses manager risk by tracking and monitoring 40 business and operational factors, including internal valuation, self-administration, and qualified audits. Convergence data has demonstrated a strong historical correlation between growth in fund complexity and levels of alternative manager risk.

“The quarter saw movements up and down the complexity curve across all Fund Types, and we expect to see continued changes as 225 new Managers were added, based on our most recent view of Q1 data,” said John Phinney, co-president at Convergence.

Other data from the quarter includes:

  • New regulatory actions disclosed by alternative Managers during Q1 increased by 135, comprised of 120 Regulatory Actions, 8 Civil Actions and 7 Criminal Actions.
  • 121 Managers experienced a decline in Complexity from High to Medium Complexity, led by 39 HF Managers, 44 PE Managers, 12 RE Managers and 57 Other Fund Managers.
  • 225 New Managers were added during the quarter, 9 receiving a High Complexity Rating, 110 Medium and 106 Low.

About Complexity

Convergence’s Advisor Complexity Profile (“Complexity”), launched earlier this year, is designed to address the challenge of operational and business model transparency in the alternative asset management industry. Complexity provides insight into all the major alternative asset classes, including hedge funds, private equity, real estate, venture capital, and structured asset funds, incorporating approximately 8,300 managers in more than 50 countries, and assigns each of them a high, medium or low complexity profile. It is designed to meet the needs for improved transparency and analysis for all the major industry participants: investors and asset allocators, assets managers, and service providers.

About Convergence, Inc.

Founded in 2013, Convergence is an independent growth company that has created an entirely new platform comprising (1) data, (2) research and analytical products, and, (3) surveillance / monitoring services, all providing transparency into the infrastructure of the alternative asset management industry. The firm’s leadership team has 120+ years of experience managing operating risk in many of the world’s leading asset management organizations. The depth and breadth of this industry expertise differentiates Convergence from any research players in the industry who provide data but fail to provide actionable context. Convergence does not render investment advice.

vickistep No Comments

Convergence Investor Operations Due Diligence Survey Report

Is Your ODD Process Adequate to Satisfy Your Institution’s Risk Tolerance and Fiduciary Responsibilities

Convergence Inc. has released a full survey report to institutional investors based on its recently completed Operations Due Diligence (ODD) Effectiveness Study. The study included institutional investor participants responsible for over $700 billion of assets under management and allocated to external managers, including allocations to both hedge fund and private equity managers. 57% of participants reported having allocations to over 50 external managers. Survey participants included a cross section of fund of funds managers, public and private pension plans, endowments and outsourced chief investment officer organizations.

Survey findings suggest that a significant number of institutional investors rely upon periodic manager communication and loosely defined processes to stay abreast of material events at advisors with investment allocations. Convergence data indicates that managers of private funds file updated regulatory filings approximately 3 times per year on average for material events impacting their business and product profile. Institutional investors may have limited resources available to pro-actively fulfill their fiduciary responsibilities in an environment of increasing regulatory scrutiny and increasing operations-related complexity.

Selected highlights and results of the study include the following:

1. Many institutional investors do not have written policies with respect to operations due diligence (ODD).

Almost 40% of institutional investors who participated in the ODD survey report NOT having written ODD policies, including as part of their overall investment policies. Beyond performance and portfolio risk, operations-related risk and controls around managing regulatory risk should be significant considerations for allocators, and warrant a documented approach to reviewing such matters.

2. Dedicated investor resources to ODD activities are not adequate to address the post-investment monitoring of operations-related risk.

A significant majority (83%) of institutional investor respondents to the survey report only having 0-3 staff resources dedicated to ODD activities. In many follow on conversations with these survey participants, even the largest institutional investors have limited dedicated resources. In certain instances, internal staff resources may be augmented with external ODD service providers and/or technology tools. However, just 23% of institutional investors report outsourcing select ODD activities.

3. Service provider assessment and ongoing monitoring by institutional investors is not sufficient given the critical nature of those relationships to the control and operations-related environment of managers.

The top 3 vendor relationships of institutional investor focus include fund administrators, auditors and custodians. A full 89% of ODD survey participants cited fund administrators in their top 3, and complete a formal verification process to ascertain that vendor relationship. Institutional investors place significant reliance on SSAE No. 16 Reports and on vendor discussions to assess the quality and fit of the vendor relative to the needs to the manager. A full 55% of institutional investors cite a change in vendors as a material event or “red flag” in conjunction with their ongoing ODD processes.

4. Institutional investors should develop and incorporate a formal manager “scoring” process, including consideration of data-driven “peer” level benchmarking, into their ODD processes.

Approximately 53% of institutional investor respondents to the survey report they incorporate a manager “scoring” process into their initial ODD evaluation. This can be in the form of a “high, medium, low”, or 1-10 scoring scale rating with respect to matters of operational infrastructure and risk, following completion of initial ODD. About the same percentage of respondents report they incorporate peer level benchmarking into their ODD evaluation process. Much of this “benchmarking” is based on anecdotal data references, comparisons to other managers across the investor’s existing allocations and based on industry intelligence.

5. Given manager expansion into new product and distribution channels and a dynamic regulatory environment, institutional investor processes for ongoing ODD need to be re-examined.

Following initial ODD and the on-boarding of a manager, the intervals and practices for follow on, or “ongoing ODD” varies significantly, particularly based on allocation fund type (hedge funds v private equity). About 63% of institutional investor respondents to the survey report performing ongoing manager reviews (absent an interim “material event”) within a 24 month interval for hedge fund allocations, while just 24% report doing so for PE allocations. The top 4 practices in place by investors as part of their ongoing ODD include 1. Review of audited financials; 2. Monitoring industry news; 3. Review of ADV filings for changes; and 4. Review of fund administrator transparency reports. Only 21% of investors in the survey report using technology-based tools in their ongoing ODD processes.

The Appendix below and attachments include the results of two select questions from the Convergence ODD study pertaining to the professional expertise of dedicated ODD staff and the primary areas of focus in investor ODD practices.

PARTNERING WITH CONVERGENCE

Convergence focuses on providing Pension – Endowments and Foundations with the information they need to identify and manage risks that are changing in their Advisor’s business – INDEPENDENT of the Advisor.

Convergence enables its institutional investor clients to increase internal efficiencies, reduce third party consulting costs, and enhance ODD responsibilities through the use of customized technology tools which “push” material events communications to those responsible for ongoing ODD.

Institutional investors have a fiduciary obligation to protect the assets entrusted to them by their stakeholders, and overseeing and monitoring material changes specific to their allocations and within the industry is a must. While the level of focus and resources allocated to ongoing ODD is increasing, current processes are generally (1) reactive in nature, (2) dependent upon requesting information or on periodic updates, and (3) are likely not all encompassing, even with respect to specific fund allocations.

Convergence has identified 33 operating complexity factors which it captures and creates, all geared at enabling investors the ability to assess and measure the business risk profile of manager allocations, including the ability to compare and contrast with industry peers.

The Convergence platform captures and creates data on a daily basis covering the entire registered investment advisor universe. Custom data updates are pushed to institutional investors based on their customized requirements, including specific fund allocations and specific data artifacts based on their own assessment of operations-related risk.

ABOUT CONVERGENCE, INC.

Convergence has created an entirely new platform comprising (1) enriched and customized data; (2) research and analytical products; (3) surveillance/ monitoring services; and (4) advisory services, all providing transparency into the infrastructure of the alternative asset management industry.

Please contact George Evans at gevans@convergenceinc.com or Joe Dello Russo at jdellorusso@convergenceinc.com to learn more about the results of the Convergence ODD study and the Convergence platform and related technology tools available to institutional investors.

APPENDIX

The attached tables are extracts from the final Convergence ODD study report issued to institutional investor survey participants, which will be of interest to those with dedicated ODD staff and those allocating resources to ODD.

Introduction

ODD resources are clearly dominated by those with professional backgrounds in (1) accounting and finance, and (2) investment operations. These areas of expertise are consistent with the results below with respect to the allocation of time spent by investors in their ODD activities. However, given the very high focus on “compliance” activities, one could expect a trend of more compliance and legal resources being deployed in conjunction with investor ODD.

TABLE I. ODD Survey Question – What are the Primary Areas of Expertise of your Dedicated ODD Employees (select all that apply)?

Findings – The vast majority of ODD staff at institutional investors is comprised of accounting and finance, and investment operations professionals, as noted below. These skill sets suggest a critical need for focus on internal controls and operations-related processes. In addition, these areas of focus suggest a very “data driven” approach to ODD.

TABLE II. ODD Survey Question – Which Areas of Focus does your Firm Allocate the Highest % of ODD Time (select the top 5 areas)?

Findings – Virtually all institutional investor survey participants cite valuation as a “top 5” area of focus. Beyond valuation, the primary areas of focus revolve around regulatory compliance, the quality of staff and internal processes, and the quality of external service providers critical to the internal control processes of the manager. The Convergence platform enables investors to assess the complete business and operations-related profile of its manager allocations to manager peers.

convergence No Comments

Alternative Asset Management Firms Continue to Grow!

Alternative Asset Management Industry

Convergence Insights  

Twelve Months Ended December 31, 2015

Convergence’s Q4 2015 insights are drawn from data we source daily from 16,500+ Form ADV and Brochure filings made by Registered Investment Advisors of which roughly 7,000+ advise alternative assets.  In Q4 2015, 1,488 Advisors of alternative assets updated their Form ADV.  Our analytical approach allows us to present an empirical view on how the industry and its participants growing and changing.

  • INDUSTRY ASSETS GROWTH OF 10%, FUNDS GROWTH OF 5%
  • GROWTH IN BUSINESS AND OPERATING COMPLEXITY GROWTH OF 2%: INCREASED HEADCOUNT 7%+ AND REDUCED SELF-ADMINISTRATION BY 2%
  • REGULATORY OVERSIGHT CONTINUES TO INTENSIFY: REGULATORS PER MANAGER GROWTH OF 1+%, REGULATORY ACTIONS GROWTH OF 28%

Convergence’s unique State of the Union report and insight allows managers and advisors to put increased focus on defining their current operating metrics, establish clear operations-related objectives, and see a clearer path to a company’s growth plans.

To access the Convergence 2015 Q4 Alternative Asset Management Industry Update
click herehttp://convergenceinc.com//download/22269/.

For additional industry insight and information from Convergence, visit our website


 

About Convergence

Convergence provides analytical data, benchmarking, custom research and advisory services to the Alternative Asset Management industry. The firm’s data is unique because it is enriched by subject matter experts and provides best practices based on carefully selected peers. Convergence focuses on a manager’s infrastructure including fund and Management Company accounting, investment operations, risk management, marketing materials, investor relations, tax, compliance, technology and service providers. Clients include asset managers, administrators, audit firms, financial technology firms, investment management consultants, prime brokers, custodians, investors, compliance firms, recruiting firms, colleges and universities and individual research. The Convergence approach creates value for clients by helping them research, understand infrastructure expenses, identify opportunities to increase market share, ensure practices are consistent with best in class peers, select service providers that best support strategic business goals, enhance investor due diligence efforts, perform difficult custom research and provide ongoing education. For more information on Convergence please visit www.convergenceinc.com or contact George Evans at gevans@convergenceinc.com or 215-704-7100.

conv-logo2

convergence No Comments

Q2 Alternative Asset Management Industry Update

Convergence, a leading data analytics and advisory services company, announces its Q2 update of the State of the Union of the Alternative Asset Management Industry. The report focuses on business trends among alternative asset managers, related assessments of changes in operating complexity and risk, and changes in operating productivity.

The data is sourced from SEC filings and enriched to provide a unique view into the infrastructure of over 15,000 RIA’s. There were over 5,600 individual Advisor filings in Q2 2015.

Some headlines from the paper include:

  •     Advisor complexity increased given the 31 factors tracked
  •     The Complexity Index increased 7% driven by a variety of factors
  •     Industry growth – the manager universe advising alternatives grew 23%
  •     Total headcount surpassed 75k, or a 5.7% increase from Q2 2014 – with the biggest increase being in non investment professional headcount
  •     The Regulatory environment continues to grow and intensify with the number of Regulators by Advisor growing 23%
  •     Administration consolidation continues at both ends of the market
  •     Operating productivity declined modestly at Advisors suggesting a greater usage of technology and outsourcing.

“The key to our data set is the completeness and structure as well as the independent sourcing and the time series element,” said John Phinney, Co-President of Convergence.

“Convergence will continue to monitor this ever changing industry providing empirical data, fueled research, and observations,” added George Evans, Co-President of Convergence.

Convergence’s unique State of the Union report and insight allows managers and advisors to put increased focus on defining their current operating metrics, establish clear operations-related objectives, and see a clearer path to a company’s growth plans.

To access the Convergence 2015 Q2 Alternative Asset Management Industry Update click here:http://convergenceinc.com//download/16993/. For additional industry insight and information from Convergence, visit their website


 

About Convergence

Convergence provides analytical data, benchmarking, custom research and advisory services to the Alternative Asset Management industry. The firm’s data is unique because it is enriched by subject matter experts and provides best practices based on carefully selected peers. Convergence focuses on a manager’s infrastructure including fund and Management Company accounting, investment operations, risk management, marketing materials, investor relations, tax, compliance, technology and service providers. Clients include asset managers, administrators, audit firms, financial technology firms, investment management consultants, prime brokers, custodians, investors, compliance firms, recruiting firms, colleges and universities and individual research. The Convergence approach creates value for clients by helping them research, understand infrastructure expenses, identify opportunities to increase market share, ensure practices are consistent with best in class peers, select service providers that best support strategic business goals, enhance investor due diligence efforts, perform difficult custom research and provide ongoing education. For more information on Convergence please visit www.convergenceinc.com or contact George Evans at gevans@convergenceinc.com or 215-704-7100.

conv-logo2

convergence No Comments

Convergence Announces “Infrastructure Alpha: A Practical Guide to Implementation” White Paper

First in a Series of White Papers from Leading Data & Advisory Services Provider to the Asset Management Industry

(Wilton, CT, March 2015) How to measure and manage infrastructure alpha in investment operations is the first of a nine-part series of White Papers from Convergence, Inc. “Infrastructure Alpha: A Practical Guide to Implementation,” provides straightforward guidance on how to measure, track and discuss infrastructure alpha across all operational functions of a company.

“Infrastructure alpha is a financial benefit created by non-investment teams that can be measured and then managed to help companies grow assets and profits,” said John Phinney, Co-President, Convergence. “The more efficiently and effectively non-investment teams work in an asset management company, allows investment colleagues to trade at a lower unit cost and operational risk.”

“Infrastructure Alpha: A Practical Guide to Implementation” uses the marginal contribution to profit and risk (MCP and MCR) approach to measure and value the financial value contributed by non-investment teams. While operational work can vary in terms of complexity volume and standardization–units of work can be measured in every infrastructure function.

The Convergence White Paper includes an illustrated example on how to calculate and examine MCP/MCR in the trade settlement group within investment operations, a function that is common to all asset management companies. The White Paper also examines:

  • The Impact of Operating Risk on MCP
  • The Impact of Capacity on MCP
  • The Impact of Benchmarks on MCP & Infrastructure Alpha

“Non-investment teams that create infrastructure alpha provide their organizations with the financial scale needed to improve net management fees that can be re-invested in the business and offset fee pressures,” added George Evans, Co-President, Convergence.

Future “Infrastructure Alpha” White Papers from Convergence will include in-depth looks at fund accounting, management company accounting, tax, risk management, compliance, legal, investor relations and human resources.

To download “Infrastructure Alpha: A Practical Guide to Implementation,” and to receive notification of future Convergence White Papers, go to:

http://convergenceinc.com/research/Infrastructure-Alpha-Whitepaper-March-2015.pdf

To register for Convergence’s 30-day free trail of CMDX-Daily ADV-Brochure Filing Changes, visit http://convergenceinc.com//register/adv-brochure-trial

About Convergence

Convergence provides analytical data, benchmarking, custom research and advisory services to the Alternative Asset Management industry. The firm’s data is unique because it is enriched by subject matter experts and provides best practices based on carefully selected peers. Convergence focuses on a manager’s infrastructure including fund and management company accounting, investment operations, risk management, marketing materials, investor relations, tax, compliance, technology and service providers. Clients include asset managers, administrators, audit firms, financial technology firms, investment management consultants, prime brokers, custodians, investors, compliance firms, recruiting firms, colleges and universities and individual research. The Convergence approach creates value for clients by helping them research, understand infrastructure expenses, identify opportunities to increase market share, ensure practices are consistent with best in class peers, select service providers that best support strategic business goals, enhance investor due diligence efforts, perform difficult custom research and provide ongoing education. For more information on Convergence please visit www.convergenceinc.com.

convergence No Comments

Fund Industry Executive Joseph Dello Russo Joins Convergence Inc

Convergence, a provider of database, custom data research and advisory services to the alternative asset manager industry, announced that Joseph (Joe) Dello Russo, former Chief Financial Officer and Chief Administrative officer of MFS Investment Management has joined the Firm as a Senior Managing Director. In his role with Convergence, Joe will lead efforts to develop the Company’s business platform, with primary focus in the northeast U.S. market. As a member of the Company’s Management Committee, Joe will work in partnership with the Company’s co-Presidents, John Phinney and George Evans, on business strategy, the development and execution of strategic business and customer relationships and product planning and development.

 

About Convergence

Convergence provides analytical data, benchmarking, custom research and advisory services to the Alternative Asset Management industry. The firm’s data is unique because it is enriched by subject matter experts and provides best practices based on carefully selected peers. Convergence focuses on a manager’s infrastructure including fund and management company accounting, investment operations, risk management, marketing materials, investor relations, tax, compliance, technology and service providers. Clients include asset managers, administrators, audit firms, financial technology firms, investment management consultants, prime brokers, custodians, investors, compliance firms, recruiting firms, colleges and universities and individual research. The Convergence approach creates value for clients by helping them research, understand infrastructure expenses, identify opportunities to increase market share, ensure practices are consistent with best in class peers, select service providers that best support strategic business goals, enhance investor due diligence efforts, perform difficult custom research and provide ongoing education. For more information on Convergence please visit www.convergenceinc.com.

 

About Joseph Dello Russo

Joseph (Joe) Dello Russo is a senior corporate executive and business advisor who in recent years has worked on several early stage investment and professional opportunities. During his professional career, Joe was Chief Financial Officer and Chief Administrative Officer of MFS Investment Management, now a $400 billion asset management firm based in Boston, MA. Prior to MFS, Joe was a senior finance and operations executive (including Director of Mutual Fund Operations and SVP and Controller) at The Boston Company (now owned by Bank of New York/Mellon), and an Audit Manager at Arthur Andersen & Co. Joe serves as Treasurer and as a Board Member of the Center for Collaborative Education in Boston, is Treasurer and a Board Member of the BNY Mellon Charitable Gift Trust, and serves on the Finance and Audit Committees of the Berklee College of Music. Joe can be reached at jdellorusso@convergenceinc.com, or at 781-439-5125.

convergence No Comments

Convergence Releases Daily ADV – Brochure Filing Changes Reports

Convergence, a provider of information, custom research and advisory services to alternative asset industry service providers, investors and managers, announced the release of its Daily Advisor Change Reports available via subscription. These reports are derived from the Convergence database, which contains the most comprehensive set of infrastructure data available in the market for 14,000 registered investment Advisors of which 7,800 manage Alternative or Private Funds.

The research includes daily reports on key changes in the alternative asset management industry including:

  • New Advisors Report
  • New Fund Types Report
  • Headcount – FTE Changes Report
  • C-Suite Changes Report
  • Regulatory Infractions Report
  • New Fund Auditor Appointment Report
  • New Fund Administrator Appointment Report
  • + / – Change in RAUM Report
  • Administrator Changes Report
  • Audit Firm Changes Report
  • Custodian Changes Report
  • Prime Broker Changes Report
  • 3rd Party Marketer Changes Report

“The Convergence database is refreshed daily, which provides clients with timely data that they cannot find elsewhere,” notes Convergence Co-President John Phinney. “To provide the most accurate information, we utilize Regulatory filings and parse the internet rather than relying on managers to self-report, which can be stale and incomplete, resulting in inaccurate views.”

The reports provide information on daily changes in the alternative asset management industry that can be utilized by companies working with this segment.

“These reports create opportunities for business development, creating new relationships and increasing the scope of services currently being provided,” stated Co-President George Evans. “Additionally, the reports provide a bird’s eye view of the Manager’s service provider infrastructure and brings the discussion on operational alpha to the Manager. Clients gain a significant competitive advantage by using these reports to have informed conversations with Managers.”

To start your free 30-day trial, please click here.

vickistep 1 Comment

Convergence Launches the Fund Expense Practices Analyzer Service

Convergence, a provider of database, custom research and advisory services to the alternative asset manager industry, announced the launch of its Fund Expense Practices Analyzer service. According to the company, the product is based on expense disclosures sourced from over 10,000 registered investment advisors that are normalized, categorized and grouped by manager type, primary investment strategy and size. The product provides empirical data that gives Advisors and Investors a view on common and uncommon expense disclosures and their use by advisors and peers. The expense disclosure database is updated with every new brochure and Customers will receive updates annually, or more frequently based on the service level purchased.

“The release of the Fund Expense Analyzer is quite timely in light of CALPERS announcement to reduce the Plan’s stake in Hedge and Fund of Fund Advisors, said John Phinney, Convergence’s Co-Managing Partner. In a recent CALPERS press release, Ted Eliopoulos, interim Chief Investment Officer at CalPERS stated, “One of our fundamental investment principles is that cost matters,” noting that hedge funds are “an expensive investment vehicle, especially at our scale.”

According to Convergence’s George Evans, “Our data confirms CALPERS view on expenses and shows large differences between the types of expenses disclosed by Advisors of similar sizes and types. For example, while 92 percent of all advisors disclose Fund Accounting and Administration expenses, only 3 percent disclose Risk Management. At the Strategy level, Multi-Strategy advisors disclose 46 unique expense categories, the most of any of the 30 investment strategies tracked by Convergence, resulting in the greatest differential between the median and maximum expense category count within a strategy.”

“Investors using the tool should be able to engage their managers in a more complete conversation about the management fees they pay and the expenses they may expect to incur, relative to what other advisors may be charging,” notes Phinney.

 

About Convergence

Convergence provides analytical data, benchmarking, custom research and advisory services to the Alternative Asset Management industry. The firm’s data is unique because it is enriched by subject matter experts and provides best practices based on carefully selected peers. Convergence focuses on a manager’s infrastructure including fund and management company accounting, investment operations, risk management, marketing materials, investor relations, tax, compliance, technology and service providers. Clients include asset managers, administrators, audit firms, financial technology firms, investment management consultants, prime brokers, custodians, investors, compliance firms, recruiting firms, colleges and universities and individual research. The Convergence approach creates value for clients by helping them research, understand infrastructure expenses, identify opportunities to increase market share, ensure practices are consistent with best in class peers, select service providers that best support strategic business goals, enhance investor due diligence efforts, perform difficult custom research and provide ongoing education. For more information on Convergence please visit www.convergenceinc.com.

As seen on:

 

http://www.helmet-hub.com/sites/default/files/boston-globe-logo.jpg http://solidiatech.com/wp-content/uploads/2014/06/Securities-Technology-Monitor-sin_header_new-logo.gif
http://gorgeousglobetrotter.com/wp-content/uploads/2010/10/streetinsider_logo.gif http://collegecampaign.org/wp-content/uploads/2014/03/Red-la-daily-news-logo.gif http://www.beyondthedow.com/user_files/images/beyond_the_dow.gif
http://now.dartmouth.edu/wp-content/uploads/2010/12/inthenews-int-business-times.jpg http://casselsalpeter.com/wp-content/uploads/2013/07/miami-herald-logo.png https://encrypted-tbn3.gstatic.com/images?q=tbn:ANd9GcTPm61OQ3qg77DlGXtqKvqn7ZgvY46jtt8c324-yQAiVh6x-O9oVw

convergence No Comments

Convergence Releases New Product Suite, New Website

Redding, CT – July 14, 2014 – Convergence, an information and advisory services provider to Alternative Asset Managers, Service Providers and Investors, announces its 2014 product update. Convergence is the first firm to capture, normalize and enrich one hundred percent of all Registered Investment Advisors’ Form ADV, Brochure and Supplemental Schedule information filed with the SEC. This core data is updated daily and supplemented with public domain intelligence relevant to the RIA.

“Our early experience with clients helped us shape the future direction of the firm,” co-managing partner John Phinney stated. “Leveraging our significant experience in the Alternative Asset Management industry, the Convergence team brings an insider’s perspective to Managers, Service Providers, Higher Education and Individuals focused on the Alternative Asset Management Industry.”

Convergence’s database contains the most comprehensive set of infrastructure data available in the market. The firm captures 100% of RIA regulatory filings and supplements daily through internet based news, creating unique information-based observations for 14,000 Registered Investment Advisors, 6,900 Private Fund Advisors, 6,200 unique Manager families and  40,000+  funds along with 145,000+ key C-Suite contacts and 1,000+ unique service providers.

The Convergence product suite consists of Institutional Analytical Tools and Individual Analytical tools delivered via a web-enabled portal or direct download file interfacing with in-house and CRM systems. The firm’s analytical products include The Manager Profile, Key C-Suite Executives, Manager Benchmarking, Market Share Analyzer, Client Benchmarking Analysis, Business Development Targeting, Time Series Analysis, Material Event Analysis, Fund Expense Practices Analysis, Regulatory History Analysis, Talent Acquisition Manager and Manager Profile – Individual. The data enables clients to objectively research, compare and extract enriched data points to a fully defined peer group.

Convergence recently updated its website to reflect the firm’s enhanced product capabilities for Asset Managers, Administrators, Audit Firms, Financial Technology Firms, Recruiters, Investment Management Consultants, Investors, Banks, Colleges and Universities and Individual subscribers. “Convergence’s mission to provide an independent view of data to shape an optimal infrastructure model for Managers, Service Providers and Investors remains our focus,” stated Convergence co-managing partner, George Evans. “Re-launching the website reflects Convergence’s continual enhancement of its products to meet the needs of our clients. The new website helps clients understand how they can better utilize Convergence data, advisory and research services to achieve revenue, product and expense goals.”

About Convergence, LLC

Convergence, LLC, provides data products, analytical tools, and advisory and research services to Alternative Asset Industry Managers, Service Providers and Investors. The firm is the only data provider that captures and enriches one hundred percent of a Manager’s ADV file information with proprietary technology that also uses publicly available information to create content relevant to its clients’ business needs. Utilizing the Convergence database, Managers, Service Providers and Investors can solve critical infrastructure needs, focusing on revenue, product and growth. Research and Advisory provides for market analyses, segmentation and best practices. For more information on Convergence, please visit www.convergenceinc.com.