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Amber Partners Launches Hedge Fund Due Diligence Service

by Carla Johnson, Investors Offshore.com

21 November 2005


Amber Partners Ltd, an independent Bermuda-based specialist in hedge fund Operational Risk, has announced the launch of a new hedge fund certification service to the industry which will produce comprehensive due diligence reports on individual funds for investors.

Eleven funds have been Amber Certified to date, including funds managed by Bear Stearns Asset Management, CooperNeff Advisors, and Vega Asset Management. These leading firms manage more than $10 billion of assets.

"While the hedge fund industry now exceeds $1 trillion dollars in invested assets, it remains a young industry dominated by specialized money management firms," said Reiko Nahum, Co-founder and Chief Executive Officer of Amber Partners Ltd.

"Industry growth and increasing involvement by institutional investors has created an unprecedented focus on operational risk. Amber provides independent, expert due diligence and introduces the new industry standard of Amber Certification," he added.

Robert Slutz, Chairman of the Vega Funds, which has received certification from Amber, noted that the service provides a new level of transparency for investors.

"We have seen the emphasis on operational risk increase dramatically and expect investors to become more demanding, searching out funds which have high quality controls in areas such as valuation and independent oversight." Slutz observed.

"Vega prides itself in its adherence to industry best practice and Amber helps us communicate that commitment to our investors," he added.

The availability of Amber Certifications has been welcomed across the hedge fund industry. The firm is backed by a consortium of private and institutional equity investors including Bear Stearns, BNP Paribas, Anchor Asset Management and Alexandra Fund Management, a wholly owned subsidiary of Temasek Holdings, Singapore.

Amber's industry reach also includes a user network of fund of funds, private banks, family offices and institutions who collectively have exposure to hedge funds in excess of $50 billion. Each member of the user network agrees to use Amber Certifications within their investment decision making process and to encourage managers with whom they have invested to submit their funds for certification.

In addition to hedge fund managers and investors, Amber Certifications provide a solution to the due diligence requirements of the wider industry. "Amber Certifications provide valuable information to assist counterparties, especially in the area of credit assessment," added Nahum.

"Other service providers, including the insurance industry, will also benefit from the new level of due diligence information Amber can provide," he said.

Amber's reports may be downloaded from its website, www.amberpartners.com, free of charge, removing one of the greatest due diligence obstacles: cost.

"For many investors, operational due diligence has become time consuming and costly, which can often impede the investment process," said Christopher Addy, Principal and Co-Founder of Amber.

"Amber Certifications enable all investors to access benchmark due diligence information, leading to more informed and, in many cases, more rapid investment decisions," he added.

A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp

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