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Complying with the Global Investment Performance Standards (GIPS)

Author : Bruce J. Feibel

Publisher : John Wiley & Sons

Page : 274 pages

File Size : 37,37 MB

Release : 2011-07-05

Category : Business & Economics

ISBN : 1118093003

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Book Description

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, Complying with the Global Investment Performance Standards (GIPS) is a book you need to read.



Global Investment Performance Standards Handbook

Author : CFA Institute

Publisher :

Page : 0 pages

File Size : 49,22 MB

Release : 2012

Category : Investment advisors

ISBN : 9780938367574

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Book Description

The third edition of the Global Investment Performance Standards (GIPS®) Handbook, which replaces the 2006 version, reflects the updated GIPS provisions adopted in 2010 and provides updated interpretive guidance for each provision, as well as applications and selected questions and answers. In addition to providing the 2010 edition of the GIPS standards, the Handbook contains all Guidance Statements issued prior to 31 December 2012. The third edition offers the most comprehensive revisions and updates to the GIPS standards to date. The Handbook is intended for use by investment professionals worldwide who are involved in investment performance measurement and reporting.



Investment Performance Measurement

Author : Philip Lawton, CIPM

Publisher : John Wiley & Sons

Page : 997 pages

File Size : 46,55 MB

Release : 2009-04-28

Category : Business & Economics

ISBN : 0470395028

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Book Description

Investment Performance Measurement Over the past two decades, the importance of measuring, presenting, and evaluating investment performance results has dramatically increased. With the growth of capital market data services, the development of quantitative analytical techniques, and the widespread acceptance of Global Investment Performance Standards (GIPS®), this discipline has emerged as a central component of effective asset management and, thanks in part to the Certificate in Investment Performance Measurement (CIPM) program, has become a recognized area of specialization for investment professionals. That's why Investment Performance Measurement: Evaluating and Presenting Results the second essential title in the CFA Institute Investment Perspectives series has been created. CFA Institute has a long tradition of publishing content from industry thought leaders, and now this new collection offers unparalleled guidance to those working in the rapidly evolving field of investment management. Drawing from the Research Foundation of CFA Institute, the Financial Analysts Journal, CFA Institute Conference Proceedings Quarterly, CFA Magazine, and the CIPM curriculum, this reliable resource taps into the vast store of knowledge of some of today's most prominent thought leaders from industry professionals to respected academics who have focused on investment performance evaluation for a majority of their careers. Divided into five comprehensive parts, this timely volume opens with an extensive overview of performance measurement, attribution, and appraisal. Here, you'll become familiar with everything from the algebra of time-weighted and money-weighted rates of return to the objectives and techniques of performance appraisal. After this informative introduction, Investment Performance Measurement moves on to: Provide a solid understanding of the theoretical grounds for benchmarking and the trade-offs encountered during practice in Part II: Performance Measurement Describe the different aspects of attribution analysis as well as the determinants of portfolio performance in Part III: Performance Attribution Address everything from hedge fund risks and returns to fund management changes and equity style shifts in Part IV: Performance Appraisal Recount the history and explain the provisions of the GIPS standards with attention paid to the many practical issues that arise in the course of its implementation in Part V: Global Investment Performance Standards Filled with invaluable insights from more than fifty experienced contributors, this practical guide will enhance your understanding of investment performance measurement and put you in a better position to present and evaluate results in the most effective way possible.



Investment Performance Measurement

Author : Bruce J. Feibel

Publisher : John Wiley & Sons

Page : 369 pages

File Size : 38,5 MB

Release : 2003-04-21

Category : Business & Economics

ISBN : 0471445630

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Book Description

Many investment books include a chapter or two on investment performance measurement or focus on a single aspect, but only one book addresses the breadth of the field. Investment Performance Measurement is a comprehensive guide that covers the subjects of performance and risk calculation, attribution, presentation, and interpretation. This information-packed book covers a wide range of related topics, including calculation of the returns earned by portfolios; measurement of the risks taken to earn these returns; measurement of the risk and return efficiency of the portfolio and other indicators of manager skill; and much more. By reviewing both the concepts of performance measurement and examples of how they are used, readers will gain the insight necessary to understand and evaluate the management of investment funds. Investment Performance Measurement makes extensive use of fully worked examples that supplement formulas and is a perfect companion to professional courses and seminars for analysts. Bruce J. Feibel, CFA, is Product Manager at Eagle Investment Systems, an investment management software provider located in Newton, Massachusetts. He is responsible for overseeing the development of Eagle's investment performance measurement, attribution, and AIMR/GIPS compliance software. Prior to joining Eagle, Mr. Feibel was a principal at State Street Global Advisors. He earned his BS in accounting from the University of Florida.



Practical Portfolio Performance Measurement and Attribution

Author : Carl R. Bacon

Publisher : John Wiley & Sons

Page : 488 pages

File Size : 20,21 MB

Release : 2011-02-23

Category : Business & Economics

ISBN : 1119995477

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Book Description

Performance measurement and attribution are key tools in informing investment decisions and strategies. Performance measurement is the quality control of the investment decision process, enabling money managers to calculate return, understand the behaviour of a portfolio of assets, communicate with clients and determine how performance can be improved. Focusing on the practical use and calculation of performance returns rather than the academic background, Practical Portfolio Performance Measurement and Attribution provides a clear guide to the role and implications of these methods in today's financial environment, enabling readers to apply their knowledge with immediate effect. Fully updated from the first edition, this book covers key new developments such as fixed income attribution, attribution of derivative instruments and alternative investment strategies, leverage and short positions, risk-adjusted performance measures for hedge funds plus updates on presentation standards. The book covers the mathematical aspects of the topic in an accessible and practical way, making this book an essential reference for anyone involved in asset management.



Modern Compliance

Author : John H. Walsh

Publisher :

Page : pages

File Size : 15,54 MB

Release : 2017-10-15

Category :

ISBN : 9780808048220

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Book Description





Investment Governance for Fiduciaries

Author : Michael E. Drew

Publisher : CFA Institute Research Foundation

Page : 142 pages

File Size : 36,92 MB

Release : 2019-04-22

Category : Business & Economics

ISBN : 1944960708

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Book Description

Governance is a word that is increasingly heard and read in modern times, be it corporate governance, global governance, or investment governance. Investment governance, the central concern of this modest volume, refers to the effective employment of resources—people, policies, processes, and systems—by an individual or governing body (the fiduciary or agent) seeking to fulfil their fiduciary duty to a principal (or beneficiary) in addressing an underlying investment challenge. Effective investment governance is an enabler of good stewardship, and for this reason it should, in our view, be of interest to all fiduciaries, no matter the size of the pool of assets or the nature of the beneficiaries. To emphasize the importance of effective investment governance and to demonstrate its flexibility across organization type, we consider our investment governance process within three contexts: defined contribution (DC) plans, defined benefit (DB) plans, and endowments and foundations (E&Fs). Since the financial crisis of 2007–2008, the financial sector’s place in the economy and its methods and ethics have (rightly, in many cases) been under scrutiny. Coupled with this theme, the task of investment governance is of increasing importance due to the sheer weight of money, the retirement savings gap, demographic trends, regulation and activism, and rising standards of behavior based on higher expectations from those fiduciaries serve. These trends are at the same time related and self-reinforcing. Having explored the why of investment governance, we dedicate the remainder of the book to the question of how to bring it to bear as an essential component of good fiduciary practice. At this point, the reader might expect investment professionals to launch into a discussion about an investment process focused on the best way to capture returns. We resist this temptation. Instead, we contend that achieving outcomes on behalf of beneficiaries is as much about managing risks as it is about capturing returns—and we mean “risks” broadly construed, not just fluctuations in asset values.



Advice That Sticks

Author : Moira Somers

Publisher : Practical Inspiration Publishing

Page : 224 pages

File Size : 27,51 MB

Release : 2018-02-28

Category : Business & Economics

ISBN : 1788600215

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Book Description

The advice is sound; the client seems eager; and then... nothing happens! Too often, this is the experience that financial professionals encounter in their daily work. When good recommendations go unimplemented, clients’ well-being is compromised, opportunities are lost, and the professional relationship grows strained. Advice that Sticks takes aim at the problem of financial non-adherence. Written by a neuropsychologist and financial change expert, this book examines the five main factors that determine whether a client will follow through with financial advice. Individual client psychology plays a role in non-adherence; so, too, do sociocultural and environmental factors, general advice characteristics, and specific challenges pertaining to the emotionally loaded domain of money. Perhaps most surprising, however, is the extent to which advice-givers themselves can foil implementation. A great deal of non-adherence is due to preventable mistakes made by financial professionals and their teams. The author integrates her extensive clinical and consulting experience with research findings from the fields of positive psychology, behavioural economics, neuroscience, and medicine. What emerges is a thoughtful, funny, but above all practical guide for anyone who makes a living providing financial advice. It will become an indispensable handbook for people working with clients across the wealth spectrum.



ESG and Responsible Institutional Investing Around the World: A Critical Review

Author : Pedro Matos

Publisher : CFA Institute Research Foundation

Page : 82 pages

File Size : 22,90 MB

Release : 2020-05-29

Category : Business & Economics

ISBN : 1944960988

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Book Description

This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.