The Investment Management Due Diligence Association is offering access to Convergence, a database of operational due diligence tools and analytics, to its 350-plus membership.

Convergence’s product line, which is geared towards institutional investors,  allows due diligence professionals to examine aspects of managers’ business models and assess and monitor operating risk.

The tech firm began in 2013 and uses algorithms to create business profiles for thousands of advisors and service providers with more than 4,000 data points, in a bid to reveal infrastructure and regulatory filing ‘signals’ that an investor should be aware of and discuss with managers.

According to Convergence, its data is combined with predictive analytics that identify advisors with high risk attributes which should be explored.

For IMDDA this is another way it is developing and implementing global due diligence best practices, alongside its Chartered Due Diligence Analyst (CDDA) professional credentialing, webinars, articles and research tools, said Andrew Borowiec, executive director of IMDDA.

The IMDDA announced last month the first 11 individuals to achieve its CDDA designation. Unveiled in November 2018, the CDDA is an internationally recognised designation that legitimises the importance of professional investment management and operational due diligence.

“We believe in the IMDDA’s mission and look forward to working together,” said Convergence co-founder George Evans. “Due diligence professionals across the globe are ready to embrace the type of education and training available through the IMDDA combined with our content.”

The Convergence database contains full-profile data on 37,000 advisors conducting business in 67 countries and the 150,000 public and private funds they manage. Data is collected, curated, and enriched daily with proprietary algorithms that produce key “insights”.

IMDDA partners with tech firm Convergence on HFM InvestHedge.