2013年CFA一级之道德篇
Why GIPS created?
•GIPS is a set of ethical principles based on a standardized, industry-wide approach. Investment firms can voluntarily follow GIPS in their presentation of historical investment results to prospective clients.
•GIPS seek to avoid misrepresentations of performance:
–Representative accounts—showing a top-performing portfolio as representative of firm’s results.
–Survivorship bias—excluding "weak performance" accounts that have been terminated.
–Varying time periods—showing performance for selected time periods with outstanding returns
What parties the GIPS apply to and who is served?
•What can laim compliance?
–Investment Management Firms intend to serve existing and prospective clients.
–only investment management firms that actually manage assets can claim compliance with the standards
–compliance is a firm-wide process that cannot be single product or composite.
•Who benefits from compliance?
Investment management firm:
–enable the GIPS complaint firm to participate in competitive bids against others.
–may also strenthen the firm's internal controls over performance -related processes and procedure.
investors:
–have a greater level of confidence in intergrety of performence.
–Allow clients to compare investment performance among investment firms more easily and have more confidence.
–do not eliminate the need for in -depth du diligence.
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