Operations
Service Providers
The auditor, administrator, legal counsel, custodian, and tax advisor used by a fund.
The service-provider stack is a leading indicator of operational quality. Tier-one auditors and administrators are not a guarantee of integrity, but a tier-three stack is a real warning sign.
Track changes in providers across funds. An unexplained switch from a top-tier auditor to an unknown firm should trigger a follow-up.