GIPS Executive Committee Announces New Appointments
CHARLOTTESVILLE, Va., June 10, 2009 –The nine-member GIPS Executive Committee (EC), the decision-making body for the Global Investment Performance Standards (GIPS®), announced today the addition of two new members: Colin Morrison and Trevor Persaud.
Trevor Persaud was elected as a member of the GIPS EC and chair of the Asia Pacific Regional Investment Performance Subcommittee (RIPS) and succeeds Louis Boulanger, CFA. The Asia Pacific RIPS is the collective body of the GIPS country sponsors in the region. The Asia-Pacific RIPS represent the interests of the Asia Pacific region and encourages national and regional support for the EC in the development, promulgation, and maintenance of the GIPS standards. Visit www.gipsstandards.org for the GIPS organizational structure.
Persaud is director, head of Investment Risk Oversight and Performance Analysis at Prudential Asset Management in Singapore and has more than 15 years of experience in performance measurement, evaluation, and risk. He has been responsible for performance and risk for three major asset management firms, the development of focused and robust processes for investment appraisal and analysis, and establishing common methodologies and tools for risk management and performance review across global business units.
“Full and fair disclosure, and consistent adherence to and application of standards in performance reporting is of paramount importance in the global financial marketplace” states Persaud. “Ensuring the standards keep pace with the rapidly changing market and jurisdictional issues is a significant challenge that I hope to assist the GIPS Executive Committee in overcoming by representing the views and interests of the Asia Pacific region.”
Jonathan Boersma, CFA, executive director of the GIPS standards at CFA Institute, said “The GIPS Executive Committee welcomes the diverse technical qualifications and extensive history of service with the GIPS standards that Trevor brings to the EC. The Asia Pacific region will be well represented by Trevor’s commitment to the GIPS standards and belief in the need for the Standards to be responsive to the dynamic investment environment.”
Colin Morrison was appointed as a member of the GIPS EC and chair of the Investor/Consultant Subcommittee, succeeding Carol Kennedy. Mr. Morrison is the owner of Paradigm Investment Consulting Limited and has a total of 23 years experience in the measurement and evaluation of performance and risk including five previous roles as head of performance and risk. He was responsible for attaining or maintaining GIPS compliance for a range of asset management firms and, more recently, involved in the forensic examination of the investment process on behalf of large UK pension fund trustees.
Morrison reports, “The asset management industry has long recognized the benefits of becoming compliant with the Standards, in the coming months we will be working closely with asset owners and consultants so that they too fully appreciate all that GIPS offers by way of transparency and comparability.”
Boersma notes, “Colin brings a wealth of experience to address the current needs of the performance measurement industry and understands the challenges and opportunities faced through regulation, structural changes in markets and how these interact with the ongoing development of the GIPS standards.”
In related news, Dr. Stefan Illmer was elected as the incoming chair of the EC, succeeding Sunette Mulder. Dr. Illmer is the head of client reporting for Credit Suisse in Switzerland. He is widely respected as an expert on investment performance measurement. In addition to writing several publications on and speaking about performance measurement, attribution, and standards, he has also been an active participant in the development and implementation of the GIPS standards since 1999. Illmer is also chair of the Europe, Middle East, Africa Regional Investment Performance Subcommittee (EMEA RIPS) and previously chaired the GIPS EC.
“GIPS standards are increasingly recognized as the investment performance standard to quantify and present fair and transparent performance results, for improved investor protection and comparability among investment firms globally” said Illmer. “With the upcoming release of the 2010 GIPS standards, the Standards will address fair valuation of assets, provide additional guidance on real estate and private equity investments, and prescribe risk disclosures.”
GIPS Executive Committee:
The purpose of the nine-member Executive Committee (EC) is to promote the adoption and implementation of a single investment performance presentation standard – the Global Investment Performance Standards (GIPS®) – throughout the world as the common method for calculating and presenting investment performance. The GIPS standards are a set of ethical principles that establish a standardized, industry-wide approach to how investment firms should calculate and report their investment results to prospective clients. The EC serves as the effective decision-making authority for the GIPS standards and replaces the former Investment Performance Council (IPC).
CFA Institute and the CFA Institute Centre for Financial Market Integrity:
CFA Institute is the global, not-for-profit professional association that administers the Chartered Financial Analyst® (CFA®) curriculum and examination program worldwide, publishes research, conducts professional-development programs, and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. The CFA Institute Centre is the research, policy, and advocacy division of CFA Institute, which has more than 94,000 members in 136 countries and territories. More information may be found at www.cfainstitute.org. (Bloomberg users can find CFA Institute at 497458Z).