Financial Diligence Networks Celebrates One Year Anniversary and Gains Momentum as Critical Tool for Asset Managers and Institutional Investors
Offers highly efficient resource for accessing and managing data in the hedge fund industry
NEW YORK--(BUSINESS WIRE)--Financial Diligence Networks LLC (“FDN”), a rapidly-growing private network for the alternative investment industry, announced today that its large global membership has achieved significant network adoption from asset managers and institutional investors in the first year of operation. Since launching in January 2013, FDN’s network has expanded to over a thousand hedge funds and to several hundred institutional allocator firms around the world.
“Managers and allocators are turning to FDN as a critical tool for accessing due diligence data and making connections with relevant industry counterparties. We believe our platform is fundamentally changing the way hedge funds conduct business globally and we look forward to building on this momentum in 2014.”
FDN’s global membership is comprised of users who allocate capital to hedge funds and asset managers. Current members include representatives from major investment consultants and funds of hedge funds in the US. International membership is also strong with 35 percent of members based in Europe or the Asia Pacific region.
The platform provides a solution that benefits both hedge fund managers and investors. FDN allows managers to upload their fund information to one central location, while maintaining control over who is able to access the data via the platform’s permissions feature. Investors and researchers who receive permission by managers are able to access comprehensive due diligence information about those managers, all in one secure location. This saves time for the end investor and allows consultants and analysts to devote more time to analyzing, rather than gathering, data. Allocators adopting FDN as their enterprise solution dramatically reduce the time and cost associated with manual data collection by asking all of their manager relationships who are not yet on FDN to report directly to them through the network.
John Casano, Managing Member and Co-Founder of FDN, commented, “Our rapidly growing private network was designed to address the growing problem of managing a large amount of due diligence data, while providing a solution that lowers operating costs for allocators and asset managers. It’s a secure, compliant and much needed solution, which allows asset managers to centralize their investor relations and marketing information in one secure location while maintaining control over who accesses their sensitive information. We also provide a forum for high quality institutional allocators to increase connections with relevant firms, which is more efficient than traditional channels. FDN’s carefully designed software provides managers with the ability to maintain accurate records of data access permissions and while tracking usage.”
"With over 1,500 global members, FDN is gaining critical mass in the market and achieving significant momentum among the largest alternative asset management firms," said John Cornish, Managing Member and Co-Founder of FDN. "Managers and allocators are turning to FDN as a critical tool for accessing due diligence data and making connections with relevant industry counterparties. We believe our platform is fundamentally changing the way hedge funds conduct business globally and we look forward to building on this momentum in 2014.”
Jeff Suarez, Head of Product Development at FDN, added, “Our technology team is comprised of talented developers with a blend of experience across consumer applications, social networking and financial services. We have applied this knowledge and experience to FDN to create an advanced, intuitive platform that greatly enhances the efficiency of our clients’ work efforts.”
About Financial Diligence Networks LLC (FDN)
Financial Diligence Networks LLC is a beautifully-designed, centralized, web-based network for the alternative investment industry. FDN enables asset managers to streamline business development and investor relations processes by connecting to current and potential investors and sharing information securely and scalably. With FDN, allocators can access all of the information they need to source, evaluate, and monitor funds, all in one location, using a single FDN password. FDN was founded in 2012 by John Casano and John Cornish, each of whom have worked in the hedge fund industry for more than a decade, as well as Jeff Suarez who brings more than a decade of experience managing successful technology teams. FDN has office locations in New York and Boston. For more information, please visit www.goFDN.com.