GIPS: Compliance, Verification & Future Developments
- Dates: 13th November 2014
- Location: Central London
- Trainers: Matt Price, Partner,Ernst & Young LLP, Mabs Miah, Senior Manager, Ernst & Young LLP, & Brian Feltham, Executive, Ernst & Young LLP
- £999.00 + VAT per person
- £175.00 + VAT per person per day if using PRA member training days
This is an intensive one-day course which will offer attendees an insight into GIPS and its impact on asset management firms. In the early part of the day participants will gain an understanding of how the GIPS code came into being and its importance to asset managers worldwide. Attendees will then gain an insight into how the GIPS code is developing, looking ahead at some of the changes due in 2011 and at the new guidance statements that are on the horizon. By examining the future direction of GIPS, firms will be best placed to ensure their own business models match the evolving GIPS code. A significant segment of the day will then be devoted to practical exercises focussing on the key facets of GIPS compliance that affect an asset manager, together with some topics within GIPS that commonly foster confusion. The exercises will be delivered to promote debate and introduce topics that directly affect managers attaining and maintaining GIPS compliance. In the afternoon participants will also receive detailed information on the process, problems and practicalities of a firm undergoing GIPS verification, and how an organisation can remain in compliance.
A 30 minute Q&A session will cover the last section of the day.
- Introduction to GIPS
- Why does the industry need GIPS
- The evolution of GIP
- GIPS objectives
- GIPS standards and the impact on assetmanagers and asset owners
- GIPS adoption and progress
- GIPS governance structure
- Summary of the GIPS code
- Overview of GIPS guidance statements
- Examination of typical GIPS verificationand reverification exercises
- The future of GIPS – 2011 and beyond
- Firm Definition – why is firm definition important? How can a firm be defined?
- Defining Discretion – methods for defining discretion
- Constructing Composites – options for constructing composites
- Carve Outs – uses and misuses
- Management Fees – treatment of investment management fees
- Portability – use of track records from previous entities
- Significant Cashflows – examination ofeffect on composite performance
- Large External Cashflows – effect of external cashflows on performance
- Calculation Methodology – allowable methods of calculating performance
- Presentation & Reporting Standards –basics of GIPS performance presentations
Who should attend?
This programme would be valuable and enlightening for performance measurement and client services teams, compliance officers, internal audit managers, investment marketing teams and risk management teams.
Matt Price, Partner, Ernst & Young LLP
Matt Price joined Ernst & Young October 1999. He qualified as Chartered Accountant in October 2002. He has spent ten years in asset management assurance and advisory services. In 2003 he spent 12 months at Ernst & Young Paris to help establish their GIPS practice. Matt is a specialist in: assurance services for investment managers and investment funds; GIPS and other investment performance services; reporting accountants work for investment fund transactions.
Mabs Miah, Senior Manager, Ernst & Young LLP
Mabs Miah is a senior manager focussing on delivering assurance and advisory services to Investment management clients. He qualified in the Investment Management Tax Assurance department of EY. And he has ten years of Asset Management experience and has previously worked for Canada Life and KPMG. Mabs is a GIPS specialist and has also been involved in delivering investment performance track record reviews. He also has experience of delivering other assurance projects such as SAS70 and SOx attestation services to clients in the Investment management industry.
Brian Feltham, Executive, Ernst & Young LLP
Brian Feltham joined Ernst & Young as a graduate in October 2004 and qualified as a Certified Accountant August 2008. He has spent seven years in asset management audit and advisory services and specialised in GIPS and other investment performance services. Brian provides verification services to all UK GIPS clients and leads work in the field. He is a dedicated investment performance specialist. Brian has regular exposure to all the key GIPS engagements and coordinates the delivery of the engagement, manages the work assignments within the team and maintains communication lines to our clients throughout the year.