The Exposure Draft of GIPS® Guidance Statement on Overlay Strategies

Last summer, CFA Institute released the Exposure Draft of the GIPS Guidance Statement on Overlay Strategies. Historically, this segment of the investment industry has not received much in the form of ethical best practices in calculating and presenting performance, and this release was the first attempt by CFA Institute to issue official guidance for overlay managers.

Highlights from the 21st Annual GIPS® Standards Conference

The 21st Annual GIPS Standards Conference was held in San Diego on September 14-15 with over 300 attendees. A number of topics were covered, including important aspects of the proposed GIPS 20/20 updates. Jonathan Boersma, CFA, Moderator, began the conference with opening remarks discussing his time as the Head of Professional Standards and Executive Director of the Global Investment Performance Standards (GIPS) and how the standards have grown and evolved over the last 30 years. Joining in the discussion were Ronald D. Peyton, Lee N. Price, and R.

Best Practices for Presenting Model Performance

On September 14, 2017, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a National Exam Program Risk Alert containing a list of compliance issues related to the Advertising Rule, 206(4)-1. Among the compliance issues most frequently identified in deficiency letters is the use of hypothetical and back-tested performance results without proper disclosure.


Our Team

As part of ACA Compliance Group, our in-house regulatory and performance experience is leveraged to help your firm understand the broader picture of compliance. We draw from our experience and regulatory insight to help your firm understand industry best practices and the range of compliance issues that your peers face today.

      ACA and Ashland: Why We’re Excited to be the Best GIPS Verification and Performance Team in the World

      Earlier this month, ACA announced that it is set to acquire Ashland Partners & Company, LLP's GIPS® verification and performance practice. When this transaction closes in June, ACA Performance Services ("APS"), will offer the most experienced team of GIPS verifiers in the world, servicing over 1,000 clients annually, including 49% of the top 100 managers of institutional assets worldwide (as determined by Pensions & Investments magazine).

      Why we're excited about this acquisition

      Navigating Challenges with Wrap Fee Programs

      The Securities and Exchange Commission (“SEC”) has noted that it will focus its attention on wrap fee programs as stated in the recently released 2017 examination priorities list. Additionally, the SEC has noted that any time an adviser relies on the performance of a subadviser or third party, appropriate due diligence should be conducted on the third party’s performance to substantiate the accuracy of the information.