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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Annual 2017 Operational Due Diligence Survey Results

Convergence's 2017 ODD survey, the second in its annual series, found that institutional investor allocations to external managers grew faster than the staff and technology resources dedicated to overseeing them. Despite 100% of respondents calling ODD value-adding, the survey pointed to a persistent gap between fiduciary responsibility and the capacity to meet it.

John Phinney

January 23, 2018

FundFire Alts Feature: Hedge Funds Cut Costs by Trimming Ops Shadowing Efforts

Hedge funds are cutting costs by moving from full ops shadowing to oversight-and-governance models — outsourcing back-office functions while retaining key controls. FundFire's feature examines the shift, the compliance implications, and why culture remains the biggest obstacle to broader adoption across the alternatives industry.

George Evans

August 9, 2017

Identifying and Mitigating Operational Risk through Data Analytics

Phinney and Evans draw a parallel between AlphaGo's pattern recognition and operational risk detection in alternative assets. Their research found 8% of advisers incurred a regulatory violation over a 36-month period, and 80% of those violators had a medium or high complexity profile beforehand.

George Evans

March 10, 2017

Brexit and the Data That Saw It Coming

Before the Brexit result was announced, UK alternative investment managers registered in the US were already pulling back. Convergence data showed a 61% drop in fund launches and a 99% compression in capital raised in H1 2016 vs H1 2015. The market called it a surprise. The data did not.

John Phinney

January 20, 2017

Convergence Insight #6 – Compliance Industry Confronts Greater Regulation August 3, 2016

22% of 7,106 manager groups have one person serving as both CEO and CCO. Convergence data also shows a 3,669-filing increase in H1 2016 vs H1 2015 and a net addition of 350 regulatory regimes. The compliance capacity problem is structural, not cyclical.

John Phinney

August 9, 2016

Convergence Investor Operations Due Diligence Survey Report

Convergence's ODD Effectiveness Study surveyed institutional investors representing over $700 billion in AUM allocated to external managers. Findings show 40% lack written ODD policies, 83% have three or fewer dedicated ODD staff, and only 21% use technology-based tools in ongoing monitoring, pointing to a widening gap between fiduciary responsibility and the resources available to meet it.

George Evans

July 20, 2016

The Valuation Gap: What Independent Pricing Tells Us About Accountability, Risk, and Governance Across Fund Types

Hedge funds: 70% of gross assets independently valued. Private equity: 12%. Venture capital: 4%. Convergence proprietary research surfaces a striking valuation gap across alternative fund types. The numbers reflect three distinct theories of investor accountability, and the gap is unlikely to stay as wide as it currently stands.

John Phinney

June 27, 2016

Hedgeweek: Convergence Launches ‘Best Fit’ Service Provider Research for Advisers

Convergence Best Fit identifies which service providers are most closely aligned with an investment adviser's operating complexity across 31 unique factors. Six analytical views cover complexity scoring, market share, client distribution, and concentration, converting service provider selection from a referral-based process into a data-driven intelligence output.

George Evans

October 22, 2015

Unusual Fund Expenses: Investor Concern Over HFM Week / Convergence Research

HFM Week and Convergence analyzed Form ADV expense disclosures across more than 2,600 advisers, nearly half of them hedge funds. The research found hedge funds disclose certain uncommon expenses, including technology, data management, printing, and adviser compensation, at higher rates than other fund types, raising due diligence questions for investors comparing fee structures.

George Gainer

October 15, 2015

Convergence Inc. Launches Talent Identification Manager for Financial Services Recruiters

Convergence Talent ID Analytics provides C-suite contact data on SEC-registered investment advisers drawn from ADV filings and updated daily. Weighted scoring across fund size, fund type, asset class, and service provider experience produces a ranked candidate shortlist calibrated to the specific role requirements.

John Phinney

April 15, 2015

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