Highlight
CIPC Call for volunteers!
The Canadian Investment Performance Council (CIPC) of CFA Societies Canada is a council of independently minded expert volunteers from across Canada. The objective of the CIPC is to provide thought leadership on investment performance best practices and promote adoption of the GIPS® standards in the pursuit of fairness and transparency for Canadian market participants.
Complete your applications by April 15.
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Question of the month
Question: If a portfolio contains investments that suddenly become illiquid, how should they be valued, and how should portfolio performance be calculated?
Answer: The investments must be valued at fair value, with any resulting gains or losses reflected in performance.
Firms must not claim that illiquid investments are non-discretionary simply because of their illiquidity in order to exclude them from the portfolio or the composite.
If an illiquid investment or any other investment ceases to be managed in a discretionary manner (e.g., because of a change in the client agreement), its performance impact must be reflected in the portfolio’s performance until the date of such a change."
See Provision 2.B.6 of the GIPS standards for the recommended fair value hierarchy."
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Word of the month
APRIL - The English word April comes from the Latin Aprilis, the name given to the month by the ancient Romans.
Roman authors thought that Aprilis was related to the Latin verb aperire meaning "to open," because April "opened" the buds of leaves and flowers.
EVIV Group is wishing you all the special joys of springtime.
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Event of the month
Registration is now open for the 27th Annual GIPS Standards Conference, a premier event for performance, investment, and compliance professionals from both investment management firms and asset owners to learn about the newest developments with the Global Investment Performance Standards (GIPS®).
This year’s conference will feature sessions on OCIO providers, the SEC Marketing Rule and Private Funds proposal, and outsourcing considerations. Join us in person at the Loews Chicago Hotel on 17 and 18 October 2023 to hear from industry experts and network with industry colleagues.
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