At DW Institutional, we believe investment manager research is the most critical aspect of our services. Unlikemost consulting firms who use the research function as a training ground for new consultants, our seniorconsultants actively engage. We focus our resources on understanding three key factors:

• Investment philosophy and process: is it logical and   repeatable?
• Manager organization: Perhaps the most critical factor. DWI   reviews ownership and compensation structures to ascertain   the likelihood that the firm can maintain intact the team that   has built its track record.
• Risk budgeting: How will this manager fit into the overall   portfolio?

DWI compiles a comprehensive search book for each client detailing the investment managers under consideration. Our consultants will then assist each client in interviewing the managers and making the final selection. We also work closely with our clients to draft the investment guidelines and contract
for the new manager and to negotiate fees, including performance fees, if appropriate. DWI provides an independent perspective, investment expertise, qualitative research, and statistical data that help the fund sponsor avoid hiring investment managers with substandard organizations or investment styles inconsistent with the existing portfolio or goals.