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CASE STUDY: What ISO 9001 did for GAM Multi-Manager

De-risking the investment and operational infrastructure of Hedge Funds/ Fund of Funds through ISO 9001

Whilst Hedge Funds/ Fund of Funds (HFoF) seek to guarantee an absolute return to their clients, to a certain extent this is outwith their direct control. What is within their control is their investment and operational infrastructure, which supports their investment team in delivering the best possible return. Clients are increasingly looking for re-assurance that HFoF's infrastructures have the necessary rigour to support the investment process. Consequently HFoFs need to ensure that their infrastructure can stand up to independent scrutiny.

ISO 9001 is a process based business model, which ensures all investments are made in compliance with defined, continuously improving, investment processes. ISO 9001 certification provides the necessary re-assurance that the respective HFoF's investment and operational processes are subject to regular internal and external independent audits, demonstrating the sort of rigour and credibility that clients seek.

H.D. Management has worked with many blue-chip finance houses over the past 10 years. As an example of our work, over the past three years, we have been working with GAM Multi-Manager.

We reviewed their investment and operational processes and took them towards ISO 9001 certification, which they achieved in December 2003. In that time GAM Multi-Manager's AUM and headcount had more than doubled, yet their business processes dramatically improved, scaling the business up in a controlled fashion, reducing investment and operational risk. This work was conducted initially within their London and New York offices, and subsequently the Hong Kong office which achieved ISO 9001 certification in its own right in 2005.


ISO 9001 provides GAM Multi-Manager with
  • Constantly updated documented processes covering all the investment and operational activities which are kept up to date through an

  • Internal process audit mechanism which highlights errors/areas of weakness and potential errors/areas of weakness and ensures they are resolved, updating the documented processes where necessary

  • Key Performance Indicators which are both performance and productivity targets ensuring improved fund performance and greater coverage and improved evaluation of the hedge fund universe

  • Service Level Agreements which are documented and have been agreed with internal departments and external suppliers

  • Open book transparency (where deemed appropriate) to clients and regulators alike

  • 3rd independent assessment by an ISO 9001 accredited certification body ' ISO 9001 certification


    As a direct result of this work, GAM Multi-Manager went on to win the Hedge Funds Review (HFR) European Fund of Funds Awards 2004 - Best Group (on the basis of Investment Process).


    As confirmation of the continuing success of this initiative, GAM Multi-Manager went to win the Hedge Funds Review (HFR) European Fund of Funds Awards 2005 - Best Group (on the basis of Investment Process). and the Hedge Funds Review (HFR) European Fund of Funds Awards 2006 - Best Group (on the basis of Investment Process). Winning this award three years in succession is a testament to the ongoing integrity of GAM Multi-Manager's investment processes.


    If you are keen to improve and demonstrate the credibility of your investment and operational infrastructure, then please feel free to contact Hugh Craigie Halkett directly on +44 (0) 131 558 1070 or by email at hugh@hdmgmt.co.uk

    Further information on what ISO 9001 did for GAM Multi-Manager can be found in the link to the presentation below.

    ISO 9001 GAM Multi-Manager presentation - v2.0.pdf

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