Convergence Insights

Convergence’s data-driven insights and research appear often in the news and on media platforms of all sizes. By following “Convergence News” you will gain access to our media interviews, whitepapers, ad hoc research, monthly podcasts and educational videos.

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July 25, 2026

The Oversight-and-Governance Shift: Why Hedge Funds That Still Run Full Ops Shadowing Are Paying for an Answer They Already Have

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What Complexity Scoring Reveals About Operational Risk Before It Becomes Visible Anywhere Else

Convergence estimates 7% of alternative asset managers are under major operating model stress at any given point. Continuous complexity scoring across 44,000 managers using 64 factors and 8400 data fields per manager, updated daily, surfaces conditions invisible to investors, allocators, and service providers without independent monitoring.

John Phinney

July 7, 2026

Outsourcing Market Data and BI. It's here ... Do you know it?

This piece challenges Fund Administrators and Auditors to ask whether they spend too much time building business intelligence and not enough time acting on it. Convergence turns revenue growth signals into actionable intelligence before they appear in revenue reports.

John Phinney

June 19, 2026

The State of Gender Diversity in the Asset Management Industry

Convergence tracked C-Suite hiring across the asset management industry from December 2018 to October 2023, finding women's share of C-Suite roles rose from 19% to 21% across 41,320 hiring opportunities. Existing advisers hired women at a higher rate than their 2018 baseline; startup advisers and closures lagged behind it.

Lauren Evans

January 10, 2024

SEC Sweep into Marketing Rule Violations – Charges Against Nine Investment Advisers

Convergence found that 7 of 9 investment advisers cited in the SEC's 2023 marketing rule enforcement sweep, or 78%, had a multi-hatted Chief Compliance Officer, more than triple the rate Convergence tracks industry-wide. The SEC cited all nine for advertising hypothetical performance in violation of the 2020 Marketing Rule.

George Gainer

September 18, 2023

The Operational Future of Alternative Investments: Industry Reflections with KPMG

Based on Episode 16 of the "In Conversation with Convergence" podcast, hosted by George Evans with KPMG guests Joseph Fisher and John Budzyna, this piece examines how virtualization, the war for talent, hybrid-work culture, and changing investor demands are reshaping alternative asset operating models.

George Evans

July 22, 2022

ADV Filing Quality as a Leading Indicator of Compliance Stress

97% of 16,144 SEC-registered investment advisers had at least one error or omission in their Form ADV filing. Convergence measures filing accuracy, consistency, and frequency across the full market continuously. What the data reveals about compliance stress is visible long before the SEC arrives.

John Phinney

January 31, 2022

Another Sad Day in Our Financial Village

John Phinney of Convergence reflects on the need for increased rigour within the hedge fund ecosystem

John Phinney

April 1, 2021

Form ADV Tips

John Phinney identifies five common Form ADV filing mistakes that signal weak compliance culture: unnamed key executives, inconsistent Part 1A/Part 2A disclosures, inaccurate Part 1A figures, missed interim updates, and inconsistent titles across regulatory forms. He frames filing quality as a relative measurement against peer advisers.

John Phinney

March 10, 2021

Convergence 5th Annual ODD Survey

Convergence's 5th Annual ODD Survey, covering 2020 data, found manager allocations held steady versus 2019 while dedicated ODD resources grew only marginally, which Convergence attributed to COVID. George Evans and John Phinney both commented, and 100% of respondents again called ODD value-adding.

John Phinney

February 9, 2021

Convergence Annual 2019 Operational Due Diligence Survey

Convergence's 2019 ODD survey, the fourth and most detailed installment of its annual series, found private equity investing outpacing hedge fund investing among respondents, workflow adoption in ODD models rising from 60% to 80% year over year, and 100% of respondents calling ODD a value-adding activity.

John Phinney

February 24, 2020

Convergence Annual 2018 Operational Due Diligence Survey

Convergence's 2018 ODD survey, the third installment in its annual series, found manager allocations held steady versus 2017 while dedicated staff and technology resources grew only marginally. Co-President George Evans noted "consistent trends over the last 3 years," with 100% of respondents calling ODD value-adding.

John Phinney

March 20, 2019

LP Fund Expense Disclosures: Convergence's 2019 Ranking of the 10 Most and Least Common Categories

Convergence mapped fee and expense disclosures from 4,477 non-exempt private fund advisers to 50 standard expense types as of February 2019, ranking the 10 most and 10 least commonly disclosed categories. Compliance expense disclosure rose from 27% to 67.02% of advisers over three years.

George Gainer

March 12, 2019

Convergence Insights

The Oversight-and-Governance Shift: Why Hedge Funds That Still Run Full Ops Shadowing Are Paying for an Answer They Already Have

What Complexity Scoring Reveals About Operational Risk Before It Becomes Visible Anywhere Else

Outsourcing Market Data and BI. It's here ... Do you know it?

The State of Gender Diversity in the Asset Management Industry

SEC Sweep into Marketing Rule Violations – Charges Against Nine Investment Advisers

The Operational Future of Alternative Investments: Industry Reflections with KPMG

ADV Filing Quality as a Leading Indicator of Compliance Stress

Another Sad Day in Our Financial Village

Form ADV Tips

Convergence 5th Annual ODD Survey

Convergence Annual 2019 Operational Due Diligence Survey

Convergence Annual 2018 Operational Due Diligence Survey

LP Fund Expense Disclosures: Convergence's 2019 Ranking of the 10 Most and Least Common Categories

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