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GIPS (Global Investment Performance Standards)

　　全球投资表现标准是指通过制定表现报告确保投资表现结果获得充分的声明与披露的道德标准，被投资经理广泛采用。全球投资标准是CFA必备。全球投资表现标准已经逐渐成为各国接受的绩效呈现标准。

　　GIPS is a set of ethical principles based on a standardized, industry-wide apporach.

　　In 1995, the CFA Institute (formerlyknown as The Association for InvestmentManagement and Research or “AIMR”)sponsored the development of one globalstandard for investment performancepresentation. In 1999, the Global InvestmentPerformance Standards (“GIPS” or“The Standards”) were issued.These investment performance standardsare a set of ethical guidelines for thecalculation and presentation of investmentperformance, designed to ensure fairpresentation and full disclosure ofinvestment managers’ performanceinformation. GIPS represent global bestpractices with the aim of achieving oneworldwide standard, accepted andrecognised in each local market. Asinvestment performance standards havevaried from country to country, GIPS canbring comparability to investment firms’performance history, especially importantin the global arena.GIPS have been continuously enhancedthrough interpretations and guidancestatements. Today, more than 25 countriesfollow GIPS, allowing investors to compareGIPS compliant firms across manygeographic regions.In 2005, GIPS underwent a major revisionwith the revised GIPS becoming effectivefrom 1 January 2006. As a result of thisrevision, the local country specific versionsof GIPS have fully converged to create atruly global standard.Why Move to a Global Standard?The investment management industry is becoming more global. Many asset managers not only compete for business in their home markets, but in foreign markets as well. The North American and Western European markets are very well developed, but other markets are catching up and becoming more sophisticated as well. For investment firms outside the U.S. or European Union, being GIPS compliant can provide legitimacy and give investors confidence that the firm strives to meet the highest standards. Being GIPS compliant can actually make things easier for firms that are trying to compete in multiple markets, because they only have to abide by one set of standards and they can avoid having to make major changes in their presentation or calculation methods when working in other countries. In other words, GIPS fill a need for standardization across a far-flung industry.Is GIPS Necessary?GIPS are standards, not laws. Firms do not have to be GIPS compliant. Furthermore, these standards are not codified into U.S. securities law. However, although they are voluntary, they provide discipline to the calculation and confidence in the performance represented. (For related reading, see Policing The Securities Market: An Overview Of The SEC.)Before performance is calculated and presented, there is some groundwork for the firm to do. The first thing a firm must do is actually define the firm. This may sound very obvious, but there might be legitimate reasons that a subsidiary would be excluded from a firm definition. The next step involves a firm's composites. One of the most important things a firm can do is to define its composites in a logical and meaningful way. GIPS require that all of a firm's discretionary, fee-paying portfolios be included in at least one composite. The GIPS Handbook defines a composite as, "an aggregation of one or more portfolios into a single group that represents a particular investment objective or strategy" - think "emerging market equity" or "global fixed-income". (For related reading, see Modern Portfolio Theory: An Overview.)The provisions of the standards cover several other items including calculation, as well as presentations and disclosures. For example, time-weighted (as opposed to money-weighted) rates of return are required. Some firms probably feel as though the largest part of their performance presentations are the GIPS required disclosures, as firms are required to disclose many items including a definition of the firm, whether performance is net of fees or gross of fees, and what additional information must be disclosed upon request. In the 2006 edition of GIPS alone, there are close to 30 required disclosures. (For more insight, see Disclosures: The Good, The Bad And The Ugly.)

　　因为绩效呈现的标准不一，而一致性的呈现标准确有需要，CFA　Institute (其前身为AIMR, Association for Investment Management and　Research)，在1995 开始进行该项计划，成立了GIPS 委员会负责发展并进行单一绩效呈现标准。1999 年2 月，该委员会完成GIPS，并且得到AIMR 董事会正式同意及背书。虽然该标准是由CFA Institute为主要负责及赞助机构，但是在标准建构期间，不断的与世界24 个国家的相关组织进行合作及意见交流。1999 年该标准公布之后，GIPS 委员会功成身退，改由15 国36 个会员所成立的Investment Performance Council (IPC)，该会员含括共同基金、私人财富管理、保险业、退休基金、私募股权、创投、不动产、投资顾问服务以及绩效评比机构。未来GIPS 的推动将由IPC为主要推动机构。

　　GIPS compliance is recognised byinvestment management firms, investorsand investment management consultantsas providing an increased level of comforton the calculation and presentation ofinvestment performance results. GIPS areapplicable to traditional asset management,hedge funds, private equity, private bankingand real estate firms.In 2004, PricewaterhouseCoopers published‘Global Trends in PerformanceMeasurement’ – the latest edition in ourseries of global and country specificinvestment performance surveys. Thispublication assessed the views of 94investment organisations, primarily theheads of performance departments. Amongthose surveyed, the level of compliancewith GIPS is high, 72%, with another 18%expecting to become compliant in the nextthree years.

　　Compliance with the Standards brings twomain advantages to the firm:

　　GIPS provide an ethical ‘self-regulatory’framework for investment managers. Byassociating themselves with the Standards,the firm will be demonstrating commitmentto transparency and fairness.

　　More and more institutional investorsrequire companies to be GIPS compliant intheir Requests for Proposals. GIPS mayalso provide the firm with a competitiveadvantage in other investment managementareas, for example private equity and realestate, which are now within the scope ofthe Standards.

　　GIPS allow fund managers to market theirperformance worldwide with a consistentpresentation into countries with variouslevels of presentation requirements.This allows investors to compareinvestment managers from differentgeographical locations.

　　FurthermoreFurthermore, GIPS ‘strongly encourage’firms to have their claim of complianceverified by an independent third party,bringing further credibility to their claim.

　　Directors are required to take account forgovernance of their business; thereforeorganisations need to have explicit controlsin place over their business and regularlyreview these controls.

　　The scope of GIPS compliance coversvarious areas in the investmentmanagement business supporting theperformance presentation, such asunderlying input data, investment processand IT systems. As a result of GIPSimplementation, all these areas will benefitfrom an enhanced review of internalcontrols and quality assurance.

　　Consistent performance calculation andpresentation is integral to the firm butperformance teams are often not auditedand their processes not covered by regularoperational review. GIPS will provide astructure ensuring consistency incalculation and presentation that can beregularly reviewed. It will also assist inraising the profile and quality of theinvestment performance work.

　　PricewaterhouseCoopers has been asupporter of GIPS since their inception.We have consistently worked to help theStandards evolve through our responses tothe GIPS guidance statements and ourcontribution to industry committees.

　　We have assisted many clients worldwide inachieving their claims of compliance.When you work with PricewaterhouseCoopersyou gain access to our worldwide networkof investment performance measurementspecialists. We believe that no otherverifier has as wide or as deep a networkof specialists to assist clients.

　　Our experienced team has worked onmany engagements from day one of acompliance project though to verification,working with local as well as globalinvestment firms.Our research activities (for example,regular investment performance surveysand technical newsletters) enjoy a wideacceptance as a source of reference forthe investment performance industry.

　　We believe that a flexible and tailor-madeservice for clients is of prime importanceand we will put in place a process to ensurethat you are able to receive our attentionas often as it is required. Every clientis important to us, regardless of sizeor complexity.

　　We have unrivalled experience of workingwith clients who use a variety ofperformance systems and who operatein many different asset classes.We plan our verification approach to takeadvantage of this knowledge.As a leading provider of services to thefinancial industry, PricewaterhouseCoopersis subject to high levels of regulatoryscrutiny. Such oversight ensures thatindependence requirements are fully metand that our work is carried out to a veryhigh standard with regular internal andexternal reviews of our work.By working with PricewaterhouseCoopersyou are ensuring that you are bringingthe highest level of credibility to yourclaim of compliance.

　　Investment practices, regulation, performance measurement, and reporting of performanceresults have historically varied considerably from country to country. Some countrieshave established performance calculation and presentation guidelines that are domesticallyaccepted, and others have few standards for presenting investment performance. Thesepractices have limited the comparability of performance results between firms in differentcountries and have hindered the ability of firms to penetrate markets on a global basis.CFA Institute (formerly known as the Association for Investment Management andResearch or AIMR) recognized the need for a global set of performance presentationstandards, and in 1995, it sponsored and funded the Global Investment PerformanceStandards (GIPS?) Committee to develop a single standard for presenting investmentperformance. In February 1999, the GIPS committee finalized the GIPS standards andpresented them to the AIMR Board of Governors, who formally endorsed them.Although CFA Institute is funding and administering the activities of the GIPS standards,the success of the Standards is the result of an alliance among experts from a variety offields within the global investment industry. The following key industry groups have beeninvolved in and contributed significantly to promoting and developing the GIPS standards:

• Australia — Performance Analyst Group ofAustralia
• Austria — sterreichischen Verreinigungfür Finanzanalyse und Asset Managementund der Vereinigung ?sterreichischerInvestmentgesellschaften
• Belgium — Belgian Association for PensionInstitutions
• Denmark — The Danish Society ofInvestment Professionals, The DanishSociety of Financial Analysts
• France — Société Francaise des Analystes Financiers and Association Francaise de la Gestion Financière
• Germany — BVI BundesverbandInvestment und Asset Management e.V.,Deutsche Vereinigung für Finanzanalyseund Asset Management, and German CFASociety
• Hong Kong — The Hong Kong Society of Financial Analysts
• Hungary — Hungarian Society of Investment Professionals
• Ireland — Irish Association of Investment Managers
• Italy — Italian Investment Performance Committee
• Japan — The Security Analysts Association of Japan
• Luxembourg — Association Luxembourgeoise des Fonds d’Investissement and Association Luxembourgeoise des gestionnaires de portefeuilles et analystes financiers
• Netherlands — Beroepsvereniging van Beleggingsdeskundigen
• New Zealand — CFA Society of New Zealand
• Norway — The Norwegian Society of Financial Analysts
• Poland — Polski Komitet Wyników Inwestycyjnych
• Portugal — Associa??o Portuguesa de Analistas Financeiros
• Singapore — Investment Management Association of Singapore
• Spain — CFA Spain South Africa — Investment Management Association of South Africa
• Sweden — Swedish Society of Financial Analysts
• Switzerland — Swiss Bankers Association
• United Kingdom — National Association of Pension Funds Ltd United States and Canada — CFA Institute

　　With the release of the GIPS standards in 1999, the GIPS committee was replaced by theInvestment Performance Council (IPC), which serves as the global committee responsiblefor the Standards. It consists of 36 members from 15 countries. The IPC’s members havediverse and in-depth investment experience. They come from firms of all sizes and specializein mutual funds, private wealth management, insurance, pension funds, private equityand venture capital, real estate, investment consulting services, and performance measurementand verification.The principal goal of the IPC is to have all countries adopt the GIPS standards as the standardfor investment firms seeking to present historical investment performance.

　　 The IPCenvisions GIPS compliance acting as a “passport” that allows firms to enter the arena ofinvestment management competition on a global basis and to compete on an equal footing.The GIPS passport will level the playing field and promote global competition amonginvestment firms, which will, in turn, provide prospective clients with a greater level ofconfidence in the integrity of performance presentations as well as the general practicesof a compliant firm.In order to achieve this goal, over the past 5 years, the IPC has used a dual approach convergencestrategy to (1) transition the existing local standards to the GIPS standards and(2) evolve the GIPS standards to incorporate local best practices from all regional standardsso as to form one improved standard for investment performance calculation andreporting.The IPC strongly encourages countries without an investment performance standard inplace to accept the GIPS standards as the local standard and translate them into thenative language when necessary, thus promoting a “translation of GIPS” (TG). However,to effectively transition existing regional standards, the IPC acknowledges that some countriesneed to adopt certain long-standing requirements in addition to the GIPS standards.Since 1999, the IPC has promoted the “Country Version of GIPS” (CVG) approach,whereby countries that had existing performance standards could adopt the GIPS standardsas the core. This core was only to be supplemented to satisfy local regulatory orlegal requirements and well-established practices. Any other differences were to be transitionedout of the CVG so that the CVG would converge with the GIPS standards. TheCVG model has facilitated the movement of the industry toward one standard for the calculationand presentation of investment performance.Today, 25 countries throughout North America, Europe, Africa, and the Asia PacificRegion have adopted the GIPS standards, encouraging investment management firms tofollow the Standards when calculating and reporting their performance results. Out ofthese 25 countries, 9 have an IPC-endorsed CVG (Australia, Canada, Ireland, Italy, Japan,South Africa, Switzerland, United Kingdom, and United States). Theremaining IPCendorsedstandards are either translations of GIPS (German, Danish, French, Hungarian,Dutch, Norwegian, Polish, and Spanish) or GIPS (in English).In addition to improving the original GIPS standards, this version includes new sections toaddress real estate and private equity investments as well as new provisions to address fees.It also includes guidelines for claiming compliance with the GIPS standards in advertisementsand formalizes positions resulting from the development of guidance statements(such as firm definition, composite definition, and portability) and incorporates local bestpractices for performance measurement and reporting from around the world.

　　A glossaryand several examples have been included to assist with the application of the GIPS standards.(Words appearing in CAPITAL letters are defined in the GIPS Glossary in AppendixE.) The GIPS standards are no longer a minimum worldwide standard. Instead, this versionpromotes the highest performance measurement and presentation practices andeliminates the need for separate local standards.We are now entering the second phase of the convergence strategy to the GIPS standards—namely to evolve the GIPS standards to incorporate local best practices from allregional standards. To effectively move toward one globally accepted standard for investmentperformance calculation and presentation, the IPC strongly encourages countrieswithout an investment performance standard in place to accept the GIPS standards inEnglish or translate them into the local language, adopting a TG approach.By revising the GIPS standards, it is the IPC’s hope that CVGs will no longer be necessary.Instead, all CVG-compliant firms will be granted reciprocity for periods prior to1 January 2006. Their CVG-compliant history will satisfy the GIPS requirement to show atleast a 5-year track record. In this way, firms from all countries will comply with one standard,the GIPS standards, from 1 January 2006 and the industry will achieve convergenceof all standards.