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Upcoming Events2019-12-23T08:31:50+00:00

GIPS2020 Changes Series – #13 GIPS Advertising Guidelines

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Overview The GIPS Advertising Guidelines is the thirteenth and last section of the GIPS 2020 Exposure Draft. In light of the changes in the GIPS Standards to specifically include Pooled Funds and Asset Owner Standards, the GIPS Advertising Guidelines have also been expanded and formalized to include advertising for these new areas, beyond the Firm Composite that it was originally focused on. Key Changes The key changes worth noting here are: 1. The definition of 'Advertisement' has been expanded to include information in Pooled Fund fact sheets and offer documents. 2. The Guidelines have been categorized under Advertisements for Firm Composites, Firm Limited Distribution Pooled Funds, Firm Broad Distribution Pooled Funds and for Asset Owner [...]

GIPS2020 Changes Series – #12 Asset Owner Composite Money-Weighted Return Report

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Overview The Additional Composite Money-Weighted Return Report is the twelfth section of the GIPS 2020 Exposure Draft. The Standards here are of similar or the same wording as the associated Firm Standards. Key Different Standards The key Standards worth noting here are: 1. The requirement here for Since-Inception Money-Weighted Returns is also either from inception or for the longest period that the Asset Owner has records for (12.A.1). 2. The other is the requirement that 'Full-Gross-of-Fees Returns' can only be presented as Supplemental Information (12.A.6). Comments Requiring Feedback Three comments require your feedback in this section: 1. The first one requests your feedback on whether the requirement to present only Since-Inception Money-Weighted Return adequate and [...]

GIPS2020 Changes Series – #11 Asset Owner Total Fund & Composite Time-Weighted Return Report

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Overview The Total Fund and Composite Time-Weighted Return Report is the eleventh section of the GIPS 2020 Exposure Draft. The Standards here are of similar or the same wording as the associated Firm Standards. Key Different Standards The key Standards worth noting here are: 1. Unlike Firms that must present performance for a minimum of 5 years or since inception if younger than 5 years, Asset Owners have a minimum of one (1) year or since inception (11.A.1a). 2. There is also the requirement to show the number of Total Funds or Portfolios in a Composite as of each annual period without meeting the minimum that is required of Firms before they can present (11.A.1g). [...]

GIPS2020 Changes Series – #10 Asset Owner Total Fund & Composite Maintenance

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Overview The Total Fund and Composite Maintenance is the tenth section of the GIPS 2020 Exposure Draft. This section for Asset Owners has a fewer number of Standards compared to the relevant Firm section, and notably, has no recommendations, but the Standards here are of similar or the same wording as the associated Firm Standards. Key Different Standards The key Standards worth noting here are: 1. The requirement that if the Asset Owners manages more than one Total Fund to the same strategy, the report must be presented separately to those with direct oversight responsibility for each Total Fund or presented as a Composite to those with direct oversight responsibility for the Total Funds (10.A.1). [...]

GIPS2020 Changes Series – #9 Asset Owner Input Data & Calculation Methodology

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Overview The Input Data and Calculation Methodology section for Asset Owners is the ninth section of the GIPS 2020 Exposure Draft. Just like the related Firm section, most of the Standards are the same or of similar construct so here again we outline the key Standards to note compared to the Firm Input Data and Calculation Methodology section one we reviewed earlier. Key Different Standards 1. When calculating Since-Inception Money-Weighted Returns for Composites, Asset Owners are required to calculate either from inception or for the longest period that they have sufficient records (9.A.24a). 2. It is also recommended that Asset Owners should not include operating cash accounts that are not fully available for investment in [...]

GIPS2020 Changes Series – #8 Asset Owner Fundamentals of Compliance

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Overview The Fundamentals of Compliance section for Asset Owners is the eighth section of the GIPS 2020 Exposure Draft. The five (5) Asset Owner sections of the GIPS 2020 are a completely new set of Standards for Asset Owners complying with the GIPS Standards. And in addition to this first section on Fundamentals of Compliance, includes sections on Input Data and Calculation Methodology, Composite Maintenance, Total Fund & Composite Time-Weighted Return Report and Additional Composite Money-Weighted Return Report. This means that Asset Owners no longer have to improvise by modifying the Firm Standards (list of firm standards with links) to suit their situation as was with the 2010 edition. But with the 2020 edition of [...]

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