13 февраля 2019 г.
On February 13, CFA Association Russia held the second evening seminar in partnership with EY Business Academy. This time the society invited Anton Ryzhikov, CIPM, a capital markets and investment banking specialist at Rosbank, who shared his thoughts about the art and science behind portfolio management.
The event turned out popular among the CFA Russia community and gathered around 50 participants who attended the seminar despite a heavy snowfall earlier in the day.
During the first half of his presentation, Anton got straight into the discussion of the two commonly used performance measurements, the time-weighted rate of return (TWR) and money-weighted return (MWR). The speaker explained the key objectives of each approach, spoke about their pros and cons, and further expanded on when it is best to use each method.
Following a short break, Anton focused on the Global Investment Performance Standards (GIPS), ethical standards created by CFA Institute and used by investment managers around the world. CFA Institute created GIPS to ensure a trustworthy representation and disclosure of investment performance results. These standards help investment companies to bring more transparency and provide guidelines on how to calculate and present their investment results to their future clients.
As of today, around 75 percent of investment firms around the world follow GIPS, Anton said, citing a last year eVestment report. In regards to Russia, the situation is quite different, as GIPS are just entering into the discussion with the help of CFA Association Russia and the Central Bank of Russia.
Currently, CFA Russia is working with the Central Bank of Russia to expand the role of GIPS in the country. As the first step, the two parties have agreed to create a Russian translation of the parts of the GIPS documentation, which the Central Bank then plans to adopt in its practice to improve the investment environment. The process is ongoing right now and hopefully we will see the project come to fruition during 2019.
“Right now there are, I would say 5 or 7 companies that claim to follow GIPS. That’s not a lot, however, once big players start accepting the standards then everyone else will follow suit,” Anton said.
A full video of the seminar will be available to all CFA Russia members and everyone who registered to the event. If you are interested in joining the local society and get full access to videos from all the previous events, please feel free to contact CFA Association Russia at firstname.lastname@example.org.
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