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From Kirsten Bischoff, Opalesque New York:

The "how to dress" manual, circulated to UBS bankers this week, may seem humorous, but the premise, that "looking the part" is half of the secret to success in the financial world, was really a large part of asset raising "best practices" for most hedge funds up until three years ago when funds were still rolling into the industry at a clip of $10-$20bn a month. But now, post financial crisis, more investors are digging below the surface during due diligence. Yet surprisingly, some managers still do not realize the depths to which potential investors expect the operations of a hedge fund management firm to be planned.

"There has been a paradigm shift in due diligence," said Paul Chain, President of AIS during a webinar hosted by technology firm Eze Castle Integration. "Due diligence is an industry, it's not just a hobby any more. The process is still evolving and in my opinion it is not yet where it needs to be in terms of some of the issues we have to deal with and some of the issues that investors are concerned with."

The webinar also included insights from Jason Scharfman, Managing Partner at due diligence firm ......................

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