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GLOBAL INVESTMENT PERFORMANCE STANDARDS (GIPS®)

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©2005–06, CFA Institute

GLOBAL INVESTMENT PERFORMANCE STANDARDS
(GIPS®)

As Revised by the Investment Performance Council 7 December 2004 and
Adopted by the CFA Institute Board of Governors 4 February 2005

Created and Funded by
CFA Institute

In Conjunction with the Following Local Sponsors:

Australia — Performance Analyst Group of
Australia
Austria — Österreichischen Verreinigung
für Finanzanalyse und Asset Management
und der Vereinigung Österreichischer
Investmentgesellschaften
Belgium — Belgian Association for Pension
Institutions
Denmark — The Danish Society of
Investment Professionals, The Danish
Society of Financial Analysts
France — Société Francaise des Analystes
Financiers and Association Francaise de la
Gestion Financière
Germany — BVI Bundesverband
Investment und Asset Management e.V.,
Deutsche Vereinigung für Finanzanalyse
und Asset Management, and German CFA
Society
Hong Kong — The Hong Kong Society of
Financial Analysts
Hungary — Hungarian Society of
Investment Professionals
Ireland — Irish Association of Investment
Managers
Italy — Italian Investment Performance
Committee
Japan — The Security Analysts Association
of Japan

Luxembourg — Association
Luxembourgeoise des Fonds
d’Investissement and Association
Luxembourgeoise des gestionnaires de
portefeuilles et analystes financiers
Netherlands — Beroepsvereniging van
Beleggingsdeskundigen
New Zealand — CFA Society of New
Zealand
Norway — The Norwegian Society of
Financial Analysts
Poland — Polski Komitet Wyników
Inwestycyjnych
Portugal — Associação Portuguesa de
Analistas Financeiros
Singapore — Investment Management
Association of Singapore
Spain — CFA Spain
South Africa — Investment Management
Association of South Africa
Sweden — Swedish Society of Financial
Analysts
Switzerland — Swiss Bankers Association
United Kingdom — National Association of
Pension Funds Ltd
United States and Canada — CFA Institute

INVESTMENT PERFORMANCE COUNCIL (IPC)
2004–2005

Chair
James E. Hollis III, CFA
Cutter Associates, Inc.
United States

Consultants
Brian Henderson
Hymans Robertson
United Kingdom

Ron Surz
PPCA, Inc.
United States

Derivatives/Performance
Measurement
Yoshiaki Akeda
Nomura Funds Research and
Technologies
Japan

Bruce J. Feibel, CFA
Eagle Investment Systems
United States

Europe, Middle East, and
Africa (EMEA)
Hans-Jörg von Euw
Swisscanto Asset Management Ltd.
Switzerland

Lesley A. Harvey
Ernst & Young
South Africa

Jean-François Hirschel
Societe Generale Asset Management
France

Europe
Stefan Illmer
Credit Suisse Asset Management
Switzerland

Erik Sjöberg
Erik Sjöberg Finanskonsult
Sweden

Individual/Private Investor
Terry Pavlic, CFA
Pavlic Investment Advisors, Inc.
United States

Max Roth
Banque Cantonale Vaudoise
Switzerland

Maria E. Smith-Breslin
Smith Affiliated Capital Corp.
United States

Institutional Investors (1)
David Gamble
United Kingdom

Deborah Reidy
Hewitt & Becketts
Ireland

Institutional Investors (2)
Lynn A. Clark
LA Clark Consulting
Canada

Ehsan Rahman
Washington Metropolitan Area
Transit Authority
United States

Insurance
Glenn Solomon
Australia

Todd A. Jankowski, CFA
The Northwestern Mutual Life
Company
United States

Japan
Shinichi Kawano
Merrill Lynch Investments
Managers Co., Ltd.
Japan

Shigeo Ishigaki
KPMG Japan (KPMG AZSA & Co.)
Japan

Yoh Kuwabara
ChuoAoyama
PricewaterhouseCoopers
Japan

Mutual Funds
Alain Ernewein
Stratégie Investissement
Performance
France

Neil E. Riddles, CFA
Hansberger Global Investors, Inc.
United States

North America
Karyn D. Vincent, CFA
Vincent Performance Services LLC
United States

Iain W. McAra
JP Morgan Fleming Asset
Management
United States

David Spaulding
The Spaulding Group Inc.
United States

Pacific Basin
Louis Boulanger, CFA
New Zealand

Tunku Afwida Malek
Commerce Asset Fund Managers
Sdn Bhd
Malaysia

Cheng Chih Sung
Government of Singapore
Investment Corporation
Singapore

Venture Capital/Real
Estate/Other
Carol Anne Kennedy
Pantheon Ventures Limited
United Kingdom

Paul S. Saint-Pierre
Wall Street Realty Capital
United States

Verification
Carl R. Bacon
Statpro
United Kingdom

Herbert M. Chain
Deloitte & Touche LLP
United States

Louise Spencer
PricewaterhouseCoopers
United Kingdom

CFA Institute Staff
Alecia L. Licata
Cindy S. Kent
Carol A. Lindsey

GLOBAL INVESTMENT PERFORMANCE STANDARDS (GIPS®)