Подробное интервью о внедрении стандартов GIPS (Global Investment Perfomance Standards). Стандарты разработаны Институтом CFA, чтобы инвесторы могли объективно сравнивать управляющих активами между собой.
The GIPS standards are a set of industry-wide principles that guide investment firms on how to calculate and report their investment results to prospective clients. We encourage firms to voluntarily adopt these standards.
When investment firms follow global standards for presenting investment performance, it gives investors the transparency they need to compare and evaluate investment managers. The Global Investment Performance Standards (GIPS) is a set of standardized, industry-wide ethical principles that guide investment firms on how to calculate and present their investment results to prospective clients.
Who Should Adopt GIPS Standards?
- Investment firms
- Investment managers
Why Are the GIPS Standards Effective?
They are a rigorous set of investment performance measurement standards adopted in 37 countries and recognized around the world for their unparalleled credibility, integrity, scope, and uniformity, enabling investors to directly compare a firm’s track record with other firms.
They include composite presentation, which greatly improves transparency by eliminating survivorship biases, misrepresentations and historical data omissions.
They can evolve to address issues that arise in the dynamic investment industry.
They are an incentive for firms to invest significant time and resources into internal risk-control mechanisms and setting performance benchmarks — the hallmarks of reliable long-term success. (To claim compliance, an investment firm must demonstrate adherence to comprehensive and rigorous rules governing input data, calculation methodology, composite construction, disclosures, and presentation and reporting.)
Are GIPS Standards the Same As AIMR-PPS?
The AIMR Performance Presentation Standards (AIMR-PPS) were created by AIMR, the predecessor to CFA Institute.
Here’s a timeline:
1993: AIMR Performance Presentation Standards (AIMR-PPS) created by AIMR, the predecessor to CFA Institute.
1999: Global Investment Performance Standards (GIPS) created and overseen by the Investment Performance Council (IPC).
2006:AIMR-PPS standards dissolved and merged with the GIPS standards. GIPS Executive Committee replaces IPC.
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