Due Diligence Questionnaires
For more than 20 years, AIMA has been providing guidance and standardisation for its members around the world in the form of Due Diligence Questionnaires (DDQs).
Whether you are an investor looking for help in assessing your fund investments or a fund manager seeking resources to help choose a service provider or fund board, AIMA’s DDQs are on hand to help.
Please review the following FAQs before selecting you choice of DDQs from the list below.
Who uses the DDQ and how does it fit into the overall DD process?
Why is it useful for there to be a standardised set of questions?
The DDQ for investment managers has multiple modules. What is the easiest way for me to get started?
In situations where the investment manager is managing open-end funds, the easiest place to start is the Basic Open-End Setup and then add or replace modules as needed. Similarly, if the investment manager is managing closed-end funds, the easiest place to start is the Basic Closed-End Setup. Platform providers should start with the Basic Platform Provider Setup. Third party sub-advisory relationships should start with the Basic Sub-Adviser Setup. If the sub-advisory relationship is with an affiliate, however, consideration might be given as to whether it makes sense to discuss the sub-adviser as part of the “investment manager” for purposes of the modules regarding the investment manager. These DDQs are available here.
For Canadian Alternative Mutual Funds, UCITS and U.S. mutual funds, the Liquid Alternatives Fund DDQ may be the easiest place to start.
How do the Short Form Manager Module and Short Form Fund Module relate to the other modules in the Illustrative Questionnaire for the Due Diligence of Investment Managers?
- Governance of the Investment Manager; and
- Operations and Risk Management,
The Short Form Fund Module represents a condensed version of the Open-End Private Fund Module and can be used in lieu of that module for open-end private funds and should be used in lieu of that module for any liquid alternatives funds.
Investors receiving information on one of these short forms should consider whether and to what extent they need or want more information than has been provided.
How will DDQ platforms verify whether my firm is a member and what happens to DDQs completed on the platform if my firm is no longer a member?
We will also notify the applicable platform providers when a previously verified user subsequently chooses not to renew. This will mean that the platform provider will be required to discontinue future access to the template documents, although previously distributed forms of the DDQ completed during the period of membership are permitted to be maintained.