Tech providers dig into Form ADV filings

Fund administrator SS&C GlobeOp has launched a due diligence platform that allows clients easy access to private equity, real estate and other alternative fund Form ADV filing information. The tool aims to provide a “top-down view of the RIA [registered investment adviser] marketplace,” according to SS&C GlobeOp vice president Rob Stone.

The tool, which started as an internal resource for the SS&C GlobeOp sales team, is similar to one offered by Convergence, and integrates Form ADV data with information from other public filings like Form D and Form 13F.

Greater oversight of the private funds industry has resulted in private fund managers submitting large quantities of data to regulators – which the private sector has identified as an opportunity to mine market intelligence. Tech providers specifically are creating software tools that allow real-time alerts when a Form ADV or other type of filing is updated; or more easily scan the thousands of regulatory disclosures less searchable on government websites.

For instance, Forms ADV are publicly available through the US Securities and Exchange Commission website, but the Investment Adviser Public Disclosure (IAPD) search only allows users to view individual forms. The SS&C Market Intelligence tool collates the hundreds of data points within Forms ADV into a searchable database, with aggregate information on GPs’ assets under management, key personnel, criminal history and more.

For SS&C GlobeOp’s GP clients, the tool aims to allow an easier view into market trends and competitors data, while for LP clients, it can serve as a portfolio monitoring tool for operational due diligence, Stone noted in a call with pfm.