Complying with the Global Investment

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.

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.

About the Authors	p. xi
Preface	p. xiii
Acknowledgments	p. xv
Introduction	p. xvii
Explanation of the GIPS Standards
Fundamentals of Compliance	p. 3
Scope of the GIPS Standards	p. 3
History of the GIPS Standards	p. 4
Governance of the GIPS Standards	p. 5
Organization of the GIPS Standards	p. 7
Fundamentals of Compliance	p. 8
Summary	p. 12
Defining the Firm and Composites	p. 13
Defining the Firm	p. 13
Defining Composites	p. 23
Summary	p. 50
The Methodology for Calculating Returns
Portfolio Return Measurement	p. 53
Single Period Rate of Return	p. 54
Time Value of Money	p. 63
Performance of the Investor: Money Weighted Returns	p. 67
Internal Rate of Return	p. 71
Performance of the Investment Manager: Time Weighted Returns	p. 77
Portfolio Return Calculations for the GIPS Standards	p. 82
Summary	p. 90
Composite Return Measurement	p. 91
Composite Constituents	p. 91
Composite Returns	p. 93
Single Period Composite Return Considerations	p. 97
Multi-period Composite Returns	p. 100
Summary	p. 107
Dispersion and Risk Measurement	p. 109
Internal Dispersion	p. 109
Equal Weighted Dispersion	p. 111
Asset Weighted Dispersion	p. 114
Risk	p. 119
Summary	p. 137
Reporting and Maintaining Compliance with the GIPS Standards
Disclosing and Advertising Composite Performance	p. 141
Required Numerical Information	p. 141
Required Disclosures	p. 149
Length of Time for Disclosures	p. 168
Presentation and Disclosure Recommendations	p. 168
Supplemental Information	p. 170
Gips Advertising Guidelines	p. 171
Summary	p. 177
Wrap-Fee/SMA, Private Equity, and Real Estate	p. 179
Wrap-Fee/Separately Managed Accounts	p. 180
Private Equity	p. 188
Real Estate	p. 198
Summary	p. 203
Maintaining Compliance with the GIPS Standards	p. 205
Organization and Oversight	p. 205
Return Calculation	p. 211
Error Correction	p. 215
Managing Composites and Presentations	p. 220
Summary	p. 226
Verification	p. 227
Verification	p. 228
Performance Examinations	p. 229
Verification Considerations	p. 230
Required Verification Procedures	p. 234
The Verifier's Report	p. 241
Preparing for Verification	p. 241
Summary	p. 245
Index	p. 247
Table of Contents provided by Ingram. All Rights Reserved.

What is included with this book?

The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.

The Used, Rental and eBook copies of this book are not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.

FREE SHIPPING

Amazon no longer offers textbook rentals. We do!

Complying with the Global Investment Performance Standards (GIPS)

Summary

Author Biography

Table of Contents

Supplemental Materials