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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.

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Big Data is a Treasure Worth Mining (JP Morgan Report)

Convergence Co-Managing Partner George Evans discusses the question of outsourcing data management for a JP Morgan report.

Outsourcing cerhttps://www.jpmorgan.com/treasury/demo/docmanager_landing_assests/images/logo.giftainly remains vital to the hedge fund industry. According to George Evans, co-managing partner with Convergence LLC: “Of the roughly 14,000 RIAs we’re following, 6,200 of those firms are unique managers of private funds. And 4,000 of those 6,200 managers have outsourced some portion of their middle and back office.” When it comes to the question of whether to outsource, the answer may be determined by size or by economics.

View more here.

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LPs Bear Growing List of Expenses (Hedge Fund Alert)

The results of Convergence’s study on the wide array fund management expenses that are passed on to investors are in. In this week’s Hedge Fund Alert,  Convergence Co-Managing Partner John Phinney discusses the results of this study along with the impending launch of the Convergence Fund Expense Practices Analyzer service. The FEPA providers advisors and investors with a view on common and uncommon expense disclosures and their use by advisors and peers.

View the article and visit Hedge Fund Alert here.

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Convergence Database Insights: Assets Under Management (Week 9/15/14)

Check out some of this week’s reported changes in the Convergence database for assets (TotalRAUM or PFRAUM):

  • Increases:
    • Advisor COMERICA SECURITIES,INC. reports 22% increase in TotalRAUM since baseline reference date 05/06/2014
    • Advisor EDGE ASSET MANAGEMENT, INC. reports 7% increase in TotalRAUM since baseline reference date 03/28/2014
    • Advisor PEAR TREE ADVISORS, INC. reports 67% increase in TotalRAUM since baseline reference date 09/11/2013
    • Advisor VANTAGE CONSULTING GROUP INC reports 0% increase in TotalRAUM since baseline reference date 05/12/2014
    • Advisor DONALDSON CAPITAL MANAGEMENT LLC reports 17% increase in TotalRAUM since baseline reference date 03/14/2014
    • Advisor TT INTERNATIONAL reports 1% increase in TotalRAUM since baseline reference date 02/04/2014
    • Advisor CDK INVESTMENT MANAGEMENT LLC reports 21% increase in PFRAUM since baseline reference date 03/31/2014
    • Advisor CDK INVESTMENT MANAGEMENT LLC reports 36% increase in TotalRAUM since baseline reference date 03/31/2014
    • Advisor JVL ADVISORS, L.L.C. reports 2% increase in PFRAUM since baseline reference date 04/22/2014
    • Advisor REGAL FUNDS MANAGEMENT PTY LTD reports 17% increase in PFRAUM since baseline reference date 12/18/2013
    • Advisor NEIDIGER, TUCKER, BRUNER, INC. reports 34% increase in TotalRAUM since baseline reference date 09/27/2013
    • Advisor INDEPENDENT INVESTORS INC reports 4% increase in TotalRAUM since baseline reference date 03/31/2014
    • Advisor MITCHELL CAPITAL MANAGEMENT CO reports 1% increase in TotalRAUM since baseline reference date 03/20/2014
    • Advisor WEALTH MANAGEMENT PARTNERS INC. D/B/A US ADVISORY GROUP reports 11% increase in TotalRAUM since baseline reference date 03/31/2014
    • Advisor THE MARSHALL FINANCIAL GROUP, INC reports 20% increase in TotalRAUM since baseline reference date 08/29/2013
    • Advisor PRIVATE INCOME CAPITAL MANAGEMENT reports 3% increase in TotalRAUM since baseline reference date 02/19/2014
    • Advisor GLADSTONE MANAGEMENT CORPORATION reports 1% increase in TotalRAUM since baseline reference date 09/26/2013
    • Advisor ANNEX ADVISORY SERVICES, LLC reports 12% increase in TotalRAUM since baseline reference date 03/28/2014
    • Advisor FORT SHERIDAN ADVISORS LLC reports 0% increase in TotalRAUM since baseline reference date 03/21/2014
    • Advisor PACIFIC ROAD CAPITAL MANAGEMENT PTY LTD reports 14% increase in PFRAUM since baseline reference date 01/23/2014
    • Advisor QIC INVESTMENTS NO. 1 PTY LTD reports 32% increase in TotalRAUM since baseline reference date 11/26/2013
    • Advisor GRAND SLAM ASSET MANAGEMENT, LLC reports 16% increase in PFRAUM since baseline reference date 02/05/2014
    • Advisor GRAND SLAM ASSET MANAGEMENT, LLC reports 16% increase in TotalRAUM since baseline reference date 02/05/2014
    • Advisor ORCHID ASIA HONG KONG MANAGEMENT COMPANY LIMITED reports 62% increase in PFRAUM since baseline reference date 02/25/2014
    • Advisor AMELIORA WEALTH MANAGEMENT LTD. reports 87% increase in TotalRAUM since baseline reference date 03/11/2014
    • Decreases:
      • Advisor COMPASS GROUP LLC reports 5% decrease in TotalRAUM since baseline reference date 03/26/2014
      • Advisor ALSIS FUNDS, LLC reports 12% decrease in PFRAUM since baseline reference date 03/31/2014
      • Advisor THE MAGNOLIA GROUP, LLC reports 24% decrease in PFRAUM since baseline reference date 06/20/2014
      • Advisor THE MAGNOLIA GROUP, LLC reports 24% decrease in TotalRAUM since baseline reference date 06/20/2014
      • Advisor HIGHSTAR CAPITAL LP reports 35% decrease in TotalRAUM since baseline reference date 03/31/2014

Interested in learning more about Convergence? Contact us today.

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Convergence Database Insights: New Fund Types (Week 9/15/14)

These are some of the new fund types that have been updated in the Convergence database:

  • Advisor JVL ADVISORS, L.L.C. reports a New Fund (Type:HF ID:805-3432086972)  since baseline reference date 04/22/2014
  • Advisor REGAL FUNDS MANAGEMENT PTY LTD reports a New Fund (Type:HF ID:805-9243460172) since baseline reference date 12/18/2013
  • Advisor THE MAGNOLIA GROUP, LLC reports a New Fund (Type:HF ID:805-7153485911)  since baseline reference date 06/20/2014
  • Advisor THE FIVE ELEMENT GROUP LLC reports a New Fund (Type:HF ID:805-6382769151)
  • Advisor HSBC GLOBAL ASSET MANAGEMENT (HONG KONG) LIMITED reports a New Fund (Type:SUB ID:805-5195551526)  since baseline reference date 06/09/2014
  • Advisor FAMILY ENDOWMENT PARTNERS, LP reports a New Fund (Type:SUB ID:805-2619127440)  since baseline reference date 05/06/2014
  • Advisor FAMILY ENDOWMENT PARTNERS, LP reports a New Fund (Type:SUB ID:805-3620748749)  since baseline reference date 05/06/2014
  • Advisor FAMILY ENDOWMENT PARTNERS, LP reports a New Fund (Type:SUB ID:805-3799012254)  since baseline reference date 05/06/2014
  • Advisor FAMILY ENDOWMENT PARTNERS, LP reports a New Fund (Type:SUB ID:805-4119566305)  since baseline reference date 05/06/2014
  • Advisor FAMILY ENDOWMENT PARTNERS, LP reports a New Fund (Type:SUB ID:805-4984304892)  since baseline reference date 05/06/2014
  • Advisor FAMILY ENDOWMENT PARTNERS, LP reports a New Fund (Type:SUB ID:805-6855978199)  since baseline reference date 05/06/2014
  • Advisor FAMILY ENDOWMENT PARTNERS, LP reports a New Fund (Type:SUB ID:805-8699851099)  since baseline reference date 05/06/2014
  • Advisor FAMILY ENDOWMENT PARTNERS, LP reports a New Fund (Type:SUB ID:805-8887622855)  since baseline reference date 05/06/2014
  • Advisor FAMILY ENDOWMENT PARTNERS, LP reports a New Fund (Type:SUB ID:805-9494391561)  since baseline reference date 05/06/2014
  • Advisor FAMILY ENDOWMENT PARTNERS, LP reports a New Fund (Type:SUB ID:805-9930806483)  since baseline reference date 05/06/2014
  • Advisor NEUBERGER BERMAN ASIA LIMITED reports a New Fund (Type:SUB ID:805-1907106953)  since baseline reference date 03/28/2014
  • Advisor WATER STREET HEALTHCARE PARTNERS, LLC reports a New Fund (Type:PE ID:805-1169650008)  since baseline reference date 03/31/2014
  • Advisor ORCHID ASIA HONG KONG MANAGEMENT COMPANY LIMITED reports a New Fund (Type:PE ID:805-9014606166)  since baseline reference date 02/25/2014
  • Advisor SECOND CITY REAL ESTATE GP II, LIMITED PARTNERSHIP reports a New Fund (Type:PE ID:805-4388847803)
  • Advisor SECOND CITY REAL ESTATE GP II, LIMITED PARTNERSHIP reports a New Fund (Type:PE ID:805-5226458494)

For daily insights like these from the Convergence database, follow us on twitter: @Convergencellc. Want to learn more about Convergence? Contact us today.

 

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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.

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Symposium on the Management of Systemic Risk in Finance

Convergence Co-Managing Partner John Phinney participated in a panel discussion along with panelists from Prudential Financial, Vanguard, AIG and Morgan Stanley as part of the Symposium on the Management of Systemic Risk in Finance at Columbia University on June 26th, 2014. John discussed how Operating Risk within the alternative asset management industry is changing as more alternative asset managers offer products and services traditionally offered by banks.

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The Future of Outsourcing (JP Morgan Seminar)

George Evans, Co-Managing Partner of Convergence, recently spoke at a JP Morgan event, “The Future of Outsourcing,” along with panelists from KPMG, Cerberus and Lyxor. The event’s discussion examined the following topics:

  • What is outsourcing?
  • Who provides the service?
  • What are the adoption rates?
  • Who pays for outsourcing?
  • Costs
  • Case studies/models for outsourcing
  • What types of managers are outsourcing?
  • What do investors think about outsourcing?
  • What functions are better retained and not outsourced?
  • Who “owns” reporting?
  • How do you shadow your provider?
  • What is the data model with administrators?
  • What are some of the challenges?
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Multiple Administrators in Vogue (Hedge Fund Alert)

Managers of hedge funds and other alternative-investment vehicles are almost as likely to employ multiple administrators as they are to use just one. An analysis that Convergence provided to Hedge Fund Alert found that 25% of hedge fund, private equity fund and real estate fund operators work with two or more administrators. That’s closer than expected to the 30% who farm out back-office functions to a single vendor. View the Hedge Fund Alert article, “Multiple Administrators in Vogue” here (p.5).

 

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How to Benchmark and then Cut Your Operational Costs (COOConnect)

COOConnect-logoOnce upon a time, management fees covered the costs of keeping the lights on, funds covered administration and execution costs, and performance fees made managers rich. Now what can be charged to the fund is being scrutinised, and performance is elusive, net management fees are a sufficiently important source of income for managers to care a great deal about cutting the costs that eat them. Three industry veterans have set up a firm to help managers benchmark their management company and fund expenses, work out how to trim their overheads, and reinvent the back and middle office. It is called Convergence

View the COOConnect article to learn more.