Digital outfit Door has launched an online platform aimed at reducing due diligence processes for fund selectors by providing fund information from asset managers in a standardised format.
The new platform - designed in collaboration with both fund selectors and asset managers - has begun a "launch phase", using information from 18 fund groups.
Registered fund buyers will be able to seek fund information in a standard format, designed by a working group of 10 fund investors and 12 asset managers - overseen and endorsed by the Association of Professional Fund Investors.
Door said the aim of the platform is to reduce fund due diligence time from both a buyer and seller perspective, reducing the likelihood of a series of disparate information requests.
Derick Bader, head of products at Pictet, said the platform would have saved the company 100 working days in 2016, and increased client satisfaction.
Ben Seager-Scott, director of investment strategy at Tilney, said the platform could benefit the firm, its suppliers, and clients.
"Standardising and digitising the common core of the due diligence process gives analysts access to an on-demand resource, while preserving the integrity of the proprietary elements of our due diligence and insight process," he added.
Door said it would bring fund buyers onto its platform in groups of 100s - with the first group on board and work on introducing a second set of 100 users currently underway.
The 10 fund buyers involved in the project included Mediolanum, Santander, AllFunds, EFG and Pictet Wealth Management. Similarly, 12 asset management firms including Schroders, Pictet Asset Management, Robeco, Aberdeen, Franklin Templeton and Columbia Threadneedle also took part.
