On March 25 and 26, 2014, at the Princeton Club in New York, Financial Research Associates held the most recent edition of its annual Hedge Fund Due Diligence Master Class.  This article summarizes a series of panels at the event focusing on operational due diligence from the manager perspective.  In particular, this article covers evolving operational due diligence trends, due diligence on emerging hedge fund managers, due diligence on service providers, corporate governance and cybersecurity considerations for hedge fund managers.  A prior article in the HFLR covered an overview presentation at the same event.  See “Seward & Kissel Partner Steven Nadel Identifies 29 Top-of-Mind Issues for Investors Conducting Due Diligence on Hedge Fund Managers,” Hedge Fund Law Report, Vol. 7, No. 13 (Apr. 4, 2014).  And a subsequent article will cover panels at the event focusing on operational due diligence from the investor perspective.