David Boyle: Key questions in DFM due diligence

Every now and then the asset management industry throws us a curve ball that sends shockwaves throughout the investment world. They tend to look like one-off events, but in hindsight they have usually been building for some time. Few see them coming and the ramifications are difficult to call with any certainty.  Those of a certain vintage will recall the names Barlow Clowes and Peter Young, and other scandals such as the split caps and the precipice bonds. Of course, more recently there is the high profile (ex) manager that encountered problems with too many illiquid stocks. At such ...