Some level of due diligence has always been an important feature of investment manager selection. The specific focus, breadth, and depth of such due diligence will vary by asset class and specific investment strategy, among other factors, but the underlying due diligence process is the same in principle across all types of asset classes and strategies.
Historically, such due diligence typically has been divided into two overall categories: investment due diligence and operational due diligence.
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