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Wednesday, June 14, 2017

Ameriprise Grills Fund Firms

Reported by Jennifer Qiao

Ameriprise Financial, Inc. is amping up its due diligence on mutual fund firms by sending a detailed annual questionnaire to fund firms, MFWire has learned. This questionnaire includes both a firm-level questionnaire and an additional questionnaire specifically regarding the firm's mutual funds.

Frank McCarthy
Ameriprise Financial
SVP and General Manager of External Products

Frank McCarthy, SVP and general manager of external products, and spokespeople at Ameriprise could not be immediately reached for comment on the motivation for this new survey.

The 77-question firm-level questionnaire covers a host of topics, including "corporate structure, executive compensation, investment professional compensation, investment management, subadvisor/FoHF, operations, legal & compliance, and marketing & wholesaling support."

In addition, the extensive supplementary questionnaire asks firms to disclose general information about their AUM funds and investment management team, including biographies of the teams, company philosophy and objectives, changes in business strategies, and how the teams monitor and control risk.

Ameriprise's due diligence department requests that the mutual funds provide complete information from the most recent month or quarter end.  

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