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Fintech firm launches fund due diligence platform

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Fintech firm launches fund due diligence platform

Fintech firm Door has launched a digital platform to streamline the fund due diligence process between fund investors and asset managers.

During the launch phase, 18 global asset managers will submit fund information in a standardised format which complies with industry best practice.

The information will be used by professional fund investors when monitoring and screening funds.

Door is registering fund investor users in groups of 100.

The ‘First100’ group, which represents 28 fund buying firms, is oversubscribed with the fintech firm now registering users for its ‘Second100’ group.

For asset managers, Door is used to reduce the repetitive nature of responding to due diligence requests and help to improve their responsiveness to client requests.

Ten fund investors, including Santander, EFG and Pictet Wealth Management helped co-create Door’s digital platform, alongside 12 asset managers including Schroders, Aberdeen, Franklin Templeton and Columbia Threadneedle.

Door is overseen and endorsed by the Association of Professional Fund Investors to ensure independence and best practice in fund due diligence.

Rob Sanders, co-founder of Door, said: ‘We aim to create value for all stakeholders in the fund due diligence process.

‘Margin pressure and work volumes are increasing for both asset managers and fund investors. Digitisation, standardisation and the streamlining of this process make a lot of sense to our clients.’

Derick Bader, head of marketing & products at Pictet Asset Management, said: ‘We estimate that if Door had been in place in 2016, we would have saved more than 100 man/woman days of work and achieved a much quicker response rate to our clients.’

Ben Seager-Scott, director of investment strategy and research at Tilney – which was also invited by Door to be help develop the platform – added: ‘Standardising and digitising the common core of the due diligence process gives analysts access to an on-demand resource, while preserving the integrity of the proprietary elements of our due diligence and insight process.’

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