New online tool making fund due diligence easier

FundRock and Governance.io make due diligence more efficient for the fund industry

FundRock Management Company S.A. (FundRock) this week launched an innovative online due diligence tool, which makes meeting increasing regulatory due diligence requirements more efficient for their clients and delegates. The solution was developed over the last year in partnership with 2Gears S.A. (2Gears) on the Governance.io investment fund oversight platform. Ensuring the regulatory compliance of funds and their network of delegates by conducting regular due diligence reviews is one of the core duties of fund management companies like FundRock. It is attracting an increasing amount of scrutiny by regulators. Due diligence reviews comprise the ongoing monitoring of all participants involved in a fund’s structure, including investment managers, central administrators, distributors and depositaries. In order to make the due diligence review process as seamless as possible for their clients and delegates, FundRock together with 2Gears developed a new online tool that speeds up the process by:

• Pre-populating answers or providing multiple-choice answer options, where possible.
• Making it easy to attach documents through a drag and drop functionality.
• Instantly providing risk ratings and generating the final report at the click of a button.

In addition, a built in messaging system enables users to quickly get answers to any questions that may arise in the process. FundRock’s Director of Operations Oversight, Ross Thomson, explains: “We continuously develop and invest in our people and our platform in order to provide a best-in-class infrastructure for our clients. This new solution is an important addition to our technology arsenal as we continue to innovate our long standing fund management and distributor due diligence business. “Freeing up time for our clients and delegates by reducing the complexity of completing due diligence checks, while maintaining the quality of the information provided, was our motivation for developing the online tool”. Bert Boerman, 2Gears’ CEO, adds “we are delighted to have helped FundRock and their clients through our technology. “We have developed Governance.io to help investment professionals to deal with heavy regulatory duties, and to get total transparency and control in a simple way. “Even though the industry recognizes the lack of technological solutions, the pace of innovation is still relatively slow. It is partnerships with, and input from early adopters like FundRock that allow us to bring these solutions to the market fast.” *FundRock is Luxembourg’s largest fully capitalized independent UCITS Management Company (ManCo) and Alternative Investment Fund Manager (AIFM).