Global Investment Performance Standard (GIPS)

All About GIPS

GIPS is a set of standardized, industry-wide ethical principles that provide investment firms with guidance on creating performance presentations that communicate investment results to prospective clients. The underlying spirit of the Standards is fair representation and full disclosure. The Standards will enable firms to better compete across the globe and help investors to make better investment decisions.

IMAS strongly encourages all its members to comply with the GIPS standards and perform verification.

To facilitate and maintain the integrity of the GIPS standards, new performance standards are created as needed by the industry and new procedures and controls are implemented to ensure that GIPS is consistently applied, interpreted, and expanded with broad solicitation of public comments. Check out the Introduction to the GIPS Standards Brochure for more information on the GIPS standards. 

Please click <here> for GIPS vision and mission.

The GIPS Standards
The 2020 version of the GIPS standards was released on 30 June 2019, with an effective date of 1 January 2020.
The GIPS standards are voluntary and based on the fundamental principles of full disclosure and fair representation of investment performance results.
The Explanation of the Provisions
Explanation of the Provisions in Section 1 - Fundamentals of Compliance
Explanation of the Provisions in Section 2 - Input Data and Calculation Methodology
Explanation of the Provisions in Section 3 - Composite and Pooled Fund Maintenance
Explanation of the Provisions in Section 4 - Composite Time-Weighted Return Report
Explanation of the Provisions in Section 5 - Composite Money-Weighted Return Report
Explanation of the Provisions in Section 6 - Pooled Fund Time-Weighted Return Report
Explanation of the Provisions in Section 7 - Pooled Fund Money-Weighted Return Report
Explanation of the Provisions in Section 8 - GIPS Advertising Guidelines

The GIPS Handbook

The GIPS Handbook reflects the updated GIPS provisions adopted in 2020 and provides updated interpretive guidance for each provision, as well as applications and selected questions and answers. 

GIPS Guidance Statements
Guidance statements are developed to provide clarity on the interpretation and proper application of the GIPS Standards in various circumstances. To view current Guidance Statements on GIPS, please click <here>.

Model RFP Template
The model template will provide guidance and clarity on the “right” questions to include in RFP’s related to compliance with the GIPS standards and verification.  Please click <here> for the Model RFP Template.

Compliance and Verification
Compliance with the GIPS standards requires adherence to all applicable requirements of the GIPS standards, including any clarifications, updates, reports, Guidance Statements, questions and answers (Q&As), and the handbook. Learn more about how to become compliant with GIPS.  In addition, for a guide for firms considering becoming compliant with the GIPS standards, please click <here>.  

Verification is the review of an investment management firm’s performance measurement processes and procedures by an independent third-party verifier.  Learn more about verification.

GIPS Disclosure Guide Matrix
The Disclosure Guide Matrix is a comprehensive checklist of GIPS disclosures that appear in the GIPS standards, the guidance statements, Q & A database, and the GIPS Handbook. Learn more about Disclosure Guide Matrix.

Compliance Webinars, Articles and Other Resources
There are a number of webinars, podcasts, articles, white papers, and other educational resources about complying with the GIPS standards.  Click <here> to view these resources.

News on GIPS

GIPS Newsletter

Benefits of Becoming GIPS Compliant
Investment firms can create an environment of credibility and trust through voluntary compliance with the GIPS standards.

The GIPS standards will help your investment company with:
  • Global passport - Formally recognized in 29 major financial markets; compliance enables your firm to fairly compete throughout the world
  • Efficiency - The Standards allow firms to voluntarily provide compliant information to investors, leading to more effective and efficient markets
  • Internal controls - The Standards provide a realistic, standardized framework necessary to ensuring performance figures are directly comparable
  • Credibility - Meeting the globally recognized industry standards demonstrate commitment to ethical practices 
Please click <here> for a guide for firms considering compliance with GIPS.