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Complying with the Global Investment Performance Standards (GIPS)

Complying with the Global Investment Performance Standards (GIPS)

Author: Bruce J. Feibel ; Karyn D. Vincent
Publisher: John Wiley & Sons
ISBN: 9780470400920
Published In: July 2011
Format: Hardback , 252 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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Contents
Author

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The first and only comprehensive explanation of GIPS, including how to comply with and implement them

While the CFA Institute has published Global Investment Performance Standards (GIPS) for years, there has never been a serious discussion of their implementation and best use.

In this new book, that void is filled, and you'll quickly discover how to calculate, present, and interpret investment performance conforming to standards that are currently used in over thirty countries worldwide. Covering both the mathematics of relevant investment statistics and the policies and procedures for achieving and maintaining compliance, this book is a comprehensive guide to successfully using GIPS standards in today's turbulent investment environment.

Chapters include information on GIPS fundamentals, performance composites, risk and dispersion measurement, and much more
Examples are provided throughout, and supplemental formulas make the book usable as a reference
Provides the detailed knowledge currently needed by a large group of investment professionals

If you're in the field of finance, Measuring Investment Performance Using GIPS is a book you need to read.

Preface.

Acknowledgments.

Introduction.

Part I: Explanation of the GIPS standards.

Chapter 1: Fundamentals of Compliance.

Scope of the GIPS Standards.

History of the GIPS Standards.

Governance of the GIPS Standards.

Organization of the GIPS Standards.

Fundamentals of Compliance.

Summary.

Chapter 2: Defining the Firm and Composites.

Defining the Firm.

Defining Composites.

Summary.

Part II: The Methodology for Calculating Returns.

Chapter 3: Portfolio Return Measurement.

Single Period Rate of Return.

Time Value of Money.

Performance of the Investor: Money Weighted Returns.

Internal Rate of Return.

Performance of the Investment Manager: Time Weighted Returns.

Portfolio Return Calculations for the GIPS Standards.

Summary.

Chapter 4: Composite Return Measurement.

Composite Constituents.

Composite Returns.

Single Period Composite Return Considerations.

Multi-period Composite Returns.

Summary.

Chapter 5: Dispersion and Risk Measurement.

Internal Dispersion.

Equal Weighted Dispersion.

Asset Weighted Dispersion.

Risk.

Summary.

Chapter 6: Disclosing and Advertising Composite Performance.

Required Numerical Information.

Required Disclosures.

Supplemental Information.

GIPS Advertising Guidelines.

Summary.

Chapter 7: Wrap-Fee/SMA, Private Equity, and Real Estate.

Wrap-Fee/Separately Managed Accounts.

Private Equity.

Real Estate.

Summary.

Part III: Achieving and Maintaining Compliance with the GIPS Standards.

Chapter 8: Maintaining Compliance with the GIPS Standards.

Organization and Oversight.

Return Calculation.

Error Correction.

Managing Composites and Presentations.

Summary.

Chapter 9: Verification.

Verification.

Performance Examinations.

The Verification Process.

Verification Procedures.

Summary.

Index.

Bruce J. Feibel is Managing Director of Investment Manager Products at BNY Mellon. Formerly, Mr. Feibel was Chief Strategy Officer for Eagle Investment Systems, a BNY Mellon company. Prior to this he was a principal at State Street Global Advisors. He is also the author of the book Investment Performance Measurement, published by Wiley. He earned his B.S. in accounting from the University of Florida. Feibel is a CFA charterholder, a member of the GIPS Risk Standards Working Group, and a past member of the CFA Institute Investment Performance Council.

Karyn D. Vincent is the founder of Vincent Performance Services LLC, a provider of GIPS verification and consulting services. Prior to this, she was a partner at PricewaterhouseCoopers and was responsible for the firm's verification practice globally. Vincent currently chairs the GIPS Interpretations Subcommittee and is a member of the GIPS Executive Committee. Previously she chaired the GIPS Verification Subcommittee. Vincent earned her B.S. in accounting from the University of Massachusetts Dartmouth, and is a CFA charterholder and a CIPM certificant.