In September 2011, financial report publisher ClearPath Analysis released a report entitled “Fund Outsourcing: Assessing the Critical Issues and Considerations When Outsourcing Operational Functions as a Fund Manager” (Report). The Report is a compilation of interviews, roundtables and white papers designed to guide fund managers through the outsourcing process. This article summarizes the most important topics discussed in the Report including: (1) whether or not to outsource at all; (2) how to select a service provider (including how to think about track record, portfolio of clients and size); (3) the relevant legal and regulatory frameworks, including considerations under the AIFMD; and (4) how to properly manage and monitor the service provider. For a further discussion of best practices related to outsourcing, see “BNY Mellon’s Pershing Unit Releases White Paper Detailing Best Practices for Hedge Fund Outsourcing Solutions,” Hedge Fund Law Report, Vol. 2, No. 42 (Oct. 21, 2009).