UK -- London-based securities services ratings, research and advisory firm Thomas Murray has established an alternatives investments services division, Thomas Murray Alternative Investment Services (TMAIS).

TMAIS has been working with alternative investments player Man Investments and other institutional clients to develop and implement alternative investments-specific evaluation and selection questionnaires, due diligence processes and rating methodologies, according to Derek Duggan of Thomas Murray. It uses e-platform tools and electronic databases to manage RFP responses for AI custodians, fund accountants and transfer agents.

In addition, structured due diligence processes have been developed with the overall aim to create a standardised process for all industry participants for the selection and monitoring of service providers, he added.

“So far around 75 service providers in the alternative space have been reviewed using the TMAIS tools,” says Duggan. “TMAIS focuses on funds of hedge funds and looks at fund accountants, custodial arrangements and transfer agents. But as yet we have not fully implemented specific rating methodology for the prime brokerage or valuation agent areas.”

TMAIS is rolling out its e-RFP platform to streamline and standardise processes, shorten response times, reduce costs and improve the analysis associated with the alternative service provider selection process. To this end it is offering its e-RFP platform and alternative investment evaluation and selection questionnaires to the alternative investment community without charge.

TMAIS will issue an RFP to all selected services providers who then can decide if they wish to participate in the mandate. “If they do, they supply the required information,” says Duggan. “If they are already on the system, all they will have to do is to import a previous response and tailor the answers specifically to this particular mandate.”

Once the service providers have completed their responses they submit them on the site and the responses are made available to the investor or asset manager, who decides if they want to analyse it themselves or to use Thomas Murray to assist.

“The questionnaires and answers will be supplied to them free of charge,” Duggan says. A further option is to purchase the private rating analyses of the providers of the service from Thomas Murray.

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