Resources

The Certificate in Investment Performance Measurement (CIPM®) Program leverages the expertise of CFA Institute, the respected global leader in investment education, ethics, and standards, to deliver practice-based approaches and develop skills for effective investment performance evaluation and manager selection.

Project Management Institute (PMI) is the leading authority in project management, dedicated to guiding the way to project success. Since 1969, PMI has shone a light on the power of project management and the people behind the projects.

These GIPS-based publications/links are a 'must have' for any GIPS Compliant Firm and/or Performance Analyst:

Complying with the Global Investment Performance Standards - Bruce J. Feibel and Karyn D. Vincent

Complying with the Global Investment Performance Standards details the 2010 GIPS Standards and outlines all of the GIPS Rules, with explanations, illustrations, etc.

Investment Performance Measurement - Bruce J. Feibel

The Investment Performance Measurement book is a must have for any Performance Manager, for it provides real Excel-based guidance on the most common performance-related topics.

The Checklist Manifesto - Atul Gawande

The Checklist Manifestor is a good read if you are a detail oriented person that loves Process.

Investment Adviser Public Disclosure

The link above provides a complete compilation of Investment Adviser Firms currently registered with the SEC and states securities regulators.

SEC Enforcement Actions

The link above provides information on SEC enforcement actions, opinions issued by the Commission, briefs filed by SEC staff, trading suspensions, and notices concerning the creation of investors claims funds in specific cases.

Additionally, some historically significant SEC No-Action Letters are provided below

No Action Letter Definition

An individual or entity who is not certain whether a particular product, service, or action would constitute a violation of the federal securities law may request a "no-action" letter from the SEC staff. Most no-action letters describe the request, analyze the particular facts and circumstances involved, discuss applicable laws and rules, and, if the staff grants the request for no action, concludes that the SEC staff would not recommend that the Commission take enforcement action against the requester based on the facts and representations described in the individual’s or entity's original letter. The SEC staff sometimes responds in the form of a no-action letter to requests for clarification of the legality of certain activities.

AIMR Model Fees in Advertisements

Topics Include:

• Including mutual funds in composites

• How to present Gross and Net of fees returns for advertisements

• Including Wrap and Non-Wrap accounts in the same composite

• Using the deduction of Model Fees to generate Net returns – using the ‘highest’ one for all accounts in the composite, regardless of type

• Net of Fees returns – what’s included?

Model vs Actual Performance - Clover Capital Management

Topics Include:

• Using Model portfolios in advertisements – cannot use at all & why

• Advertising – Model vs Actual

• Advertisements – what to show and not show, what to disclose/not disclose

One on One Presentations - Investment Company Institute

Topics Include:

• Net vs Gross on One on One Presentations

Representative vs Composite Performance - Conway Asset Management

Topics Include:

• Use of prior firm performance, what to disclose

Performance Track Record from a Previous Firm - Horizon Asset Management

Topics Include:

• Use of prior firm or prior individual’s performance track record as your own, what you can/can’t use & what to disclose – portability of performance

Net of Fees Performance - JP Morgan

Topics Include:

• Use of Model fees to generate Net returns – what you can and can’t do.  This is where the Highest Fee Rate deduction using Model fees comes into play.

Cherrypicking - TWC Group

Topics Include:

• Deals with Past Specific recommendations

• Deals with ‘Top 5 charts’ stating firm did a certain thing

False Claims of GIPS Compliance - ZPR

Topics Include:

• SEC actions for false claim of GIPS compliance, and improper use of disclosures on materials