• Description of business strategy.
• Client profile (institutional, retail, number, size, won/lost)
• Distribution plans, channels, sales force, expenses, targets for new business, etc
• Capacity in terms of numbers of clients & assets
• Relationships with consultants
• Assets under management (growth trends)
• Performance (versus peers/index)
• Fee structures and product profitability trends
• Financial projections under different distribution and growth rate assumptions

Team Information

• Structure of the group: what are the roles of the various members of the group relative to
• investment decisions, sales & client service, firm management & operations.
• Professional history of key investment people
  Culture and management style
• Team continuity and motivation
• Compensation; current incentives & desired level of profit participation and its form
• What is the minimum group necessary to operate the investment process
• Vital technology and information resource requirements

• Investment approach. Key differentiators
• Industry or sector concentration
• Factors having historically contributed most significantly to strong/weak performance
• Due diligence process. How is information sourced, analyzed and authenticated
• Description of the investment process: frequency of changes to the portfolio, decision inputs, who participates, who is responsible; what is the measurement and evaluation process
• What have been the significant changes in the process over the last decade
• Range of relationships with brokers and other key counter-party relationships Risk management