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DFM due diligence service launches

Defaqto’s founder David Lee and former Suffolk Life director Chris Jones have teamed up to launch a new discretionary fund manager due diligence service for advisers.

The service is aimed at advisers who outsource to discretionary managers.

DD Hub stores commonly used due diligence questions, as well as letting advisers create set of their own questions, providing them answers from discretionary investment managers. It then records their due diligence process to create a compliance record.

The service is free to use and launches with eighteen discretionary investment managers and approaching a hundred IFA users.

Lee says: “Unlike the due diligence templates that litter the market, DD Hub has been built to help advisers keep on the right side of the regulatory fence.

DFM due diligence: What are the keys to success?

“The system provides a framework in which the adviser can select the questions that are most appropriate to their clients, manage the due diligence and selection process, store their work and monitor selected discretionary managers for any changes.”

Lee says: “We have been very pleased with the positive reaction from IFAs during our pilot stage – comments like ‘an awesome idea’ and ‘excellent functionality’ are very encouraging to any fledgling project.”

Money Marketing will soon be launching its own DFM directory for advisers. If you’re a DFM or fund provider and want to be listed, contact Piers Johnson on

Jones adds: “Several major IFA support companies are very keen for their clients to use DD Hub as they recognise the multiple benefits it provides. We expect the number of firms using the system, both IFA and discretionary managers, to grow very quickly over the next months.”

Ergowealth chief director Alastair Whitehead says: “The need for professional advice firms to regularly re-evaluate and re-validate their centralised investment proposition and platform choices to demonstrate ongoing suitability in these critical areas is an essential part of their rolling programme of market due diligence.”



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