Abstract — A manager is not just performance; it’s eligibility (13O/13U), operations, and attestation discipline. Here’s how SFOs pick licensed partners without losing control.
Snapshot
- Scope: License class, mandate design, OMS/EMS, valuation & best-execution, compliance.
- Deliverables: IM policy, IC cadence, broker/custodian setup, quarterly packs, audit readiness.
- Timeline: 4–10 weeks from RFP to first trade.
- Fee: Management/advisory + custody/transactional; request fee waterfall.
Shortlist grid
- License & scope (LFMC/VCFM, advisory vs discretionary).
- Bench depth & turnover (who drafts IC notes; coverage in absences).
- Ops spine (trade capture, reconciliations, error logs).
- Bankability (custodian relationships; attestations in regulator format).
Mandate design
Write constraints (risk, drawdowns, liquidity) in plain English. Require a playbook for abnormal liquidity and a list of pre-approved brokers.
Control without micromanage
IC minutes document oversight; the manager executes within bounds. Add quarterly “kill-switch” checkpoints to change risk if facts change.
FAQs
- Can family members sit on IC? Yes—document roles to avoid shadow-trading.
- One manager or multi? Start focused; add satellites once reporting cadence is stable.
Editor’s Note: Oversight is a calendar, not a vibe.
Tags: Directory, Singapore, Licensed Manager, SFO