IPEX communicates directly with money managers on behalf of its clients.  Such communication facilitates the monitoring of performance issues, as well as non-performance issues, involving the money management firm.  As a result of this process, the due diligence aspect of monitoring a manager becomes a responsibility shared both by IPEX and the client.  While there are many ways in which IPEX can interact with a manager, we only communicate with a manager when we have been authorized by the client.

As part of our ongoing due diligence process, IPEX periodically asks each money manager in our stable to verify the accuracy of the information that we maintain on their management firm.  Specifically, each spring IPEX requests (and upon receipt reviews) a copy of the manager's ADV Parts I and II, as well as any updated marketing brochures, management agreements and fee schedules.  This request is also accompanied by a compliance letter that asks each manager to respond to a list of questions about any recent changes or events that may have impacted the firm.  

On a monthly basis, if there are significant variances between the parameters that the client has established for the account and the account's current position, IPEX will fax the manager a report that specifies the variances.  After the transmission, IPEX will initiate telephone contact with the manager, as appropriate.  Should any particular variance continue to reoccur, IPEX will discuss with the money manager whether the parameter should be modified. If the money manager believes that a change would be appropriate, IPEX would then address the issue directly with the client.

In the course of daily operations, as any investment or administrative issues arise, IPEX normally contacts the money manager as soon as possible to discuss the matter and agree on an appropriate course of action.  IPEX believes that a speedy resolution of any issues is in the best interest of all involved, and encourages managers to contact us with any of their concerns.

Prior to any meetings or tele-conferences with a client, IPEX will usually telephone the manager to obtain its input concerning any relevant items that IPEX has placed on the agenda.  IPEX believes that a consultant and money manager have complementary roles to play in servicing a client, and that regular communication between the parties helps to achieve this goal.