A start-up that aims to make it simpler to issue and respond to due diligence questionnaires has signed up participating asset managers including Schroders, Franklin Templeton and Aberdeen Asset Management.
Door, which was founded by ex-Aberdeen marketing head Rob Sanders and Roland Meerdter, a former consultant, said it typically takes asset managers ten hours to respond to a due diligence questionnaire.
Regulation has increased the number of due diligence questionnaires, which are issued by fund investors at regular periods to check their investments comply with internal guidelines.
“Asset managers have to put loads of information into these documents, cut and paste it, tweak it a bit and break it down by maturity level, in a series of repetitive tasks,” said Saunders. “Each questionnaire takes about ten hours work over three weeks, even though 90% of the questionnaires ask the same things.”
Door said fund investors such as Pictet Private Bank, EFG Private Bank and Santander are among the fund buyers that have signed up to use its online platform.
Columbia Threadneedle Investments, Pictet Asset Management, M&G Investments and Nordea Asset Management have also agreed to use the Door platform (www.doorfunds.com), said the firm.
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