Background check sleuths open European office

* Specialist risk management company opens office in Europe
* Expansion signals growing importance of due diligence

ZURICH, Feb 10 (BestGrowthStock) – A U.S.-based financial background
check provider is opening a European office, in a tangible sign
investors like funds of hedge funds are paying more than just
lip service to risk management in the post-Madoff world.

Financial Risk Mitigation (FRM), which conducts full
background checks of investment management professionals and
their companies, said on Thursday it was setting up an office in
Edinburgh, Scotland to deal with a growing European client base.

“With our existing clients there has been a huge increase in
demand for follow up checks as investors review their
investments, something few would have considered before.
Attitudes have changed remarkably in the last 24 months,” said
Hugh Craigie Halkett who will run the new office.

FRM’s work involves full background checks of investment
professionals, such as qualifications and academic, civil and
criminal records, and also of their companies, including
verifying regulatory registrations and checking money laundering

“You are not going to get this sort of information over the
web. It takes time, money and expertise,” Craigie Halkett told
Reuters in an interview.

Craigie Halkett, who for six years was responsible for
background checks and other due diligence functions at one of
the world’s largest fund of hedge funds managers, initially
approached FRM about establishing a European office after
finding there was a hole in the European market.

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(Reporting by Martin de Sa’Pinto; Editing by Dan Lalor)

Background check sleuths open European office