2021 – The year in review
By Wissem Souissi, CEO and Founder of Diligend, Inc.
I think it’s fair to say that from a personal perspective many of us are glad to see the back of 2021, which started in lockdown and is ending with uncertainty.
The investment sector has not fared badly however, with asset management growth exceeding expectations with a 6% increase in global AUM since 2020.
Professionally, for the Diligend team, 2021 has been very strong. We have expanded our headcount with a number of key hires across the technology, customer experience and marketing teams. We have quadrupled our client base and increased revenues by over 300%. Our top tier institutional investor and consultant client base now represents $19tr in global AUM. As we close out our third year, Diligend clients have delivered 20,000 due diligence requests and recorded 60,000 tasks and findings on the platform. We know that managers actually like using Diligend to respond to data requests and today more than 3,000 fund managers and GPs are registered on our platform, with thousands of monthly users.
Our institutional investor client base is growing and as it grows, we see clients solving a broader variety of business issues with the platform. They are now performing both operational and investment due diligence, regularly monitoring investment managers, managing risk, enhancing other research sources, gathering ESG and diversity data and monitoring subadvisors and delegates.
Thanks to our clients’ vision and their willingness to collaborate, we’ve invested in R&D and developed the platform significantly in record timing to meet their changing requirements. New features include the SEC Form ADV module, which allows investor and consultant clients to review and monitor Form ADV data, getting notifications when changes occur. The ESG and Diversity disclosure module released this year allows clients to request specific data sets quickly and easily, pulling results into tailored, dynamic dashboards to allow for speedy analysis.
In the quest for a single source of truth, we forged partnerships with market leading data providers Preqin and eVestment, both of which will allow clients to view aggregated data, both quantitative and qualitative, through a single pane of glass.
Last, but by no means least, following input from the manager community, the past few months have seen our development team building an enhanced, feature-rich fund manager platform which streamlines and speeds up the RFP and DDQ response process. We know that demand is high for a platform that allows managers to find the latest response information quickly and easily. Launching in Q1 2022, the Diligend fund manager platform will scan existing DDQs and RFPs to offer smart response options that can be selected and inserted with a few clicks. Multiple team members can collaborate, and the platform allows managers to organize response data according to the investor, fund or by specific DDQ or RFP.
All in all, it has been a busy and exciting year for Diligend and looks set to go from strength to strength in 2022. Huge thanks go out to our innovative, forward thinking customers for their continued support.