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Editorial Reviews

From the Inside Flap

The investment management industry has global standards for the calculation and presentation of investment performance to prospective investors. These are the Global Investment Performance Standards (GIPS), which were created and are administered by CFA Institute.

Expanding upon information associated with the GIPS standards published by CFA Institute, this reliable resource provides practical guidance for today’s financial professionalfrom money managers or firms engaged in attracting new clients to institutional investors looking to hire investment managers that align with their goals.

Engaging and informative, this book offers valuable insights on achieving and maintaining compliance with the GIPS standards as well as a detailed explanation of the rationale behind the numbers. Complying with the Global Investment Performance Standards (GIPS) is divided into three different parts:

Part I: Explains the GIPS standards and how to comply with them by creating composites representing the performance of a firm’s strategies

Part II: Addresses the methodology for calculating returns used to quantify a manager’s historical performance and examines the statistics that quantify the risks taken to achieve those returns

Part III: Discusses the essential issues associated with reporting performance and reveals what it takes to achieve and maintain compliance with the GIPS standards

Along the way, the book provides worked examples illustrating particular techniques for analyzing performance, and skillfully describes the most commonly used methods for deriving returns used for marketing purposes.

The GIPS standards have changed today’s financial landscape. And while past performance cannot guarantee future results, the information conveyed by the GIPS standards has helped prospective investors and investment managers form more informed relationships. Nobody understands this better than authors Bruce Feibel and Karyn Vincent, both long-standing volunteers with CFA Institute’s GIPS committees, and now, in Complying with the Global Investment Performance Standards (GIPS) they put this dynamic discipline in perspective.

From the Back Cover

Complying with the Global Investment Performance Standards (GIPS)

While CFA Institute has published the Global Investment Performance Standards (GIPS) for years, there has never been an in-depth discussion of their implementation.

With this new book, authors Bruce Feibel and Karyn Vincent, both of whom have earned global reputations as authorities on performance measurement, fill that void by showing you how to calculate, present, and interpret investment performance in compliance with these standards, which are currently implemented in over thirty countries worldwide.

Covering both the mathematics of relevant investment statistics and the policies and procedures for achieving and maintaining compliance, Complying with the Global Investment Performance Standards (GIPS) is a comprehensive guide to successfully using the GIPS standards in today’s competitive environment. Divided into three engaging parts, this reliable resource contains:

Information on GIPS fundamentals, performance composites, and risk and dispersion measurement

Insights on presenting performance for nontraditional asset classes and investment vehicles

Advice on how both money managers and their clients can benefit from independent verification

Illustrated examples and supplemental formulas that make the book a usable reference source