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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Effective

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1 Result

Archived

Effective: 1 August, 2002 - 30 November, 2013

Categories: Composite Construction

Source: Investment Performance Council (IPC)

Firm A has a client that has multiple accounts (e.g., personal trust and a personal investment account) and manages these accounts as one “master” portfolio. For purposes of the Standards, can Firm A treat these accounts as one portfolio and include them in an appropriate composite?

If multiple portfolios are managed as one “master” portfolio, the firm can treat this “master” portfolio as any other portfolio and include it in an appropriate composite. Firms must treat this as one portfolio for purposes of calculating the dispersion measure and the number of portfolios within the composite. Firms should consider if tax considerations or account restrictions of any of the individual portfolios affect the overall asset allocation process or the implementation of the firm’s strategy for the “master” portfolio. Firm should be careful not to double count assets (e.g., counting both the “master” portfolio and underlying portfolio assets) when calculating composite and total firm assets.

Please also see updated Q&A