Financial Diligence Networks LLC
Financial Diligence Networks LLC was founded by John Casano and John Cornish in 2012. The company grew out of the founders desire to improve the way that business is conducted between hedge funds and investors. Having each worked in the industry for over a decade, with experience both on the asset management and evaluator sides, they witnessed firsthand the inefficiencies both sides were dealing with. As institutional allocators, they found themselves spending more time gathering information than analyzing investments. At the same time, they recognized that fund managers did not have a scalable solution for sharing the same due diligence information with the hundreds of allocators repeatedly asking for it from them. The founders recognized that these inefficiencies caused unnecessary overhead for both sides and were convinced that there was a better way for the industry to operate, by leveraging modern advances in technology.
Jeff Suarez joined FDN as its head of product development and built a first-class technology team for the firm. Together, the founding team began developing a secure web-based system which acts as a central clearinghouse for hedge fund data and documents. Investors could then go to FDN to access all of the information that they needed to analyze hedge funds and while hedge funds could use FDN to privately connect with investors and share up-to-date data and documents with them in a secure and compliant manner.
FDN successfully launched its core network product in January 2013. Since launch, FDN has experienced explosive growth, reinforcing the founder’s belief that the industry had been waiting a long time for a such a solution. Investors have seen a great benefit from the system as they no longer have to spend countless hours manually collecting data and documents from managers. In addition, they can take advantage of FDN’s powerful analytical tools for comparing information and recording research. Meanwhile hedge funds benefit from the deep pool of investors that they can connect with proactively. FDN also gives asset managers scale, so that they can quickly and easily share information of their choosing with individuals of their choosing.
FDN has constantly improved and evolved its product based on feedback from its users. Due to FDN’s popularity, the network is rapidly becoming the industry’s standard utility for primary hedge fund research and business development.