Q & A Database
The GIPS Standards Q&A database contains questions and answers (Q&As) on various searchable topics that provide additional interpretation on an issue. Q&As are considered to be authoritative guidance and must be followed in order to claim compliance with the GIPS standards.
Content from prior Q&As was included in the GIPS Standards Handbook as much as possible and many Q&As were archived. Change the Status drop-down filter to "Archived" to see the archived Q&As.
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CurrentEffective: 1 January, 2020Categories: PortabilitySource: 2020 GIPS Standards
Manager Q leaves Firm S to join Firm V. Manager Q was the sole investment decision maker for a composite strategy, Manager Q obtained copies of the historical records supporting performance of the composite strategy (with the permission of Firm S), and the investment process for the strategy will remain substantially intact and independent at Firm V. Because all the portability requirements specified by Provision 1.A.32 are met, Firm V decides to link Manager Q’s performance history to its composite’s ongoing results at Firm V. Can Firm S continue to claim the historical track record even though the manager responsible for the performance is no longer with the original firm?
Yes. The performance is the record of the firm, not of the individual portfolio manager. If Firm S continues managing the composite according to the same mandate and strategy by replacing Manager Q with a new manager, the original firm must use the historical performance of that composite to represent the ongoing performance achieved by the new manager. However, the firm must disclose any significant events within the firm (such as personnel changes) that would help a prospective client interpret the GIPS Report.
Please also see the prior version