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Alternative Market Briefing

GIPS Standards become effective for alternative investment strategies and structures

Tuesday, September 18, 2012

Bailey McCann, Opalesque New York: On October 1, a new guidance statement on Global Investment Performance Standards (GIPS) from the CFA Institute’s GIPS Executive Committee will come into effect for alternative investment structures. The new guidance was adopted at a meeting of the Executive Committee in May. The Guidance Statement is primarily intended to address difficulties that arise in applying the GIPS Standards to non-traditional asset classes; however, firms that claim compliance with the GIPS Standards must comply with the new guidance for all of the firm’s composites regardless of the asset classes the firm manages.

According to a client alert from law firm K&L Gates obtained by Opalesque, " the guidance should not be viewed in a vacuum. Firms managing traditional asset classes also need to reconsider certain aspects of performance presentation and reporting in light of the Guidance Statement. In addition, firms must be mindful that where the GIPS Standards conflict with applicable SEC and/or FINRA rules and guidance, the firm must comply with the rules of the regulatory authorities to the extent they impose stricter requirements than those imposed by GIPS."

The guidance statement covers a broad array of issues including definitions of what it means to be a firm; composite construction; valuation issues; performa......................

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