by admin | Oct 17, 2009 | After-tax, GIPS
In this weekend’s Wall Street Journal, Jason Zweig discusses the importance of being conscious of fees. Our industry has worked towards encouraging managers to be more forthright regarding the impact of fees, but perhaps more is needed. After-tax returns is an...
by admin | Oct 14, 2009 | GIPS, verification
GIPS(R) has verifier independence guidance which is intended to ensure that a firm claiming compliance with the Standards is having a verification truly done by an independent third party. But what does this term really mean? We see two sides to it: First, is there a...
by admin | Oct 13, 2009 | GIPS, hedge funds
We are finding more and more hedge funds pursuing GIPS(r) compliance. We are pleased to see such interest as well as to count hedge fund managers among our verification clients. While some believe that GIPS says everything that’s necessary regarding hedge funds,...
by admin | Oct 11, 2009 | GIPS
The current issue of The Journal of Finance (October, 2009) has an article by Bollen & Pool titled “Do Hedge Fund Managers Misreport Returns? Evidence from the Pooled Distribution.” It seems that there’s “a sharp discontinuity in...
by admin | Oct 1, 2009 | GIPS, Returns, risk, time-weighting
Methodology, like sex, is better demonstrated than discussed – E.E. Leamer I’m reading Measurement, Design and Analysis by Pedhazur & Schmelkin for a course I’m taking and am finding it quite interesting. While we often address topics such as how...
by admin | Sep 30, 2009 | GIPS
Recall that effective 1 January 2010, GIPS (r) compliant firms must revalue portfolios for large cash flows. This may be an issue, a costly one, for fixed income managers who today only value bonds weekly or monthly. I specifically asked, during last week’s GIPS...
