The UK Investment Performance Committee ("UKIPC") is the UK Country Sponsor for the Global Investment Performance Standards (GIPS®) and is responsible for its continuing development and promotion in the UK. It is sponsored by the Pensions and Lifetime Savings Association (PLSA), and the Investment Association (IA), which also provides its secretariat. Asset Owners, advisors, asset managers, verifiers, measurers, analysts and other stakeholders are represented through membership of the UKIPC.
About GIPS
The GIPS are voluntary standards based on the fundamental principles of full disclosure and fair representation of investment performance results. A global standard for investment performance reporting gives investors around the world the additional transparency they need to compare and evaluate investment managers.
The GIPS were created and are administered by the CFA Institute, the global, not-for-profit association of investment professionals. The success of the Standards is the result of an alliance among experts within the global investment industry and partnerships with Country Sponsors.
Measuring the investment performance of asset managers is a critical part of the investment process. Consistent reporting, analysis and measurement enables investors (e.g. pension trustees and their advisers) to improve their understanding of managers' track records and helps them to make better manager choices.
The Standards may be voluntary, but more and more investors are insisting that their fund managers adhere to them. Some 41 countries, including all the leading markets, have now adopted GIPS.
The GIPS have their own dedicated website, providing access to a wealth of information about the GIPS – what they are, their history, their governance – as well as access to other GIPS resources (the Standards themselves, interpretations, guidance, Q&A) and a GIPS Helpdesk.
GIPS Governance
The Technical Committee (which: provides technical oversight of the GIPS standards; guides development and adoption of the GIPS standards; provides representation of key industry stakeholders in the development of the GIPS standards; and jointly approves the GIPS standards technical agenda and the issuance of authoritative guidance, along with the CFA Institute Managing Director of Global Industry Standards) is supported by a range of subcommittees:
- Asset Owner Subcommittee – Responsible for the development of content specific to asset owners as identified and/or directed by the GIPS Standards Technical Committee.
- Interpretations Subcommittee – Responsible for the development of technical guidance, interpretations, clarifications, and supporting authoritative guidance as directed by the GIPS Standards Technical Committee.
- Verification Subcommittee- Responsible for the development of GIPS standards content specific to verifiers as identified and/or directed by the GIPS Standards Technical Committee.
- Promotion Subcommittee – Serves to actively engage with GIPS Standards Sponsors on outreach activities.
- Fiduciary Management Providers Technical Committee (FMP) – Serves to provide technical oversight of Fiduciary Management Performance Standards by guiding their development in the United Kingdom.
- OCIO Working Group - provides input to guidance for OCIOs
Useful Documents
- Current GIPS (2020)
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the GIPS® Standards Handbook for Firms (November 2020) consolidates the guidance in sections 1-8
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the GIPS® Standards Handbook for Asset Owners (November 2020) consolidates the guidance in sections 21-26
Links to useful information on the CFA Website
- Current Guidance Statements
- GIPS Q&A Database
The first asset owner in Asia Pacific to claim compliance with GIPS, and the first insurance organisation globally to do so has produced a useful case study which details why and how they became compliant with the GIPS standards and highlights the benefits this brings to the organisation and the broader industry.
How Can I Learn More About GIPS Standards?
- Visit the GIPS website
- GIPS Standards News
The CFA has produced a brochure designed to introduce the key concepts of GIPS. This is designed for use within firms claiming GIPS compliance to spread understanding of the benefits of GIPS.
The Role of the UKIPC
The UKIPC is the UK Country Sponsor for the GIPS. The IA is co-sponsor of the Committee together with the PLSA and provides the Committee’s secretariat.
The UKIPC works to ensure that the UK is well represented on the GIPS Committees and subcommittees. Its Constitution is attached.
The members of the UKIPC, and those constituencies which they represent, are currently:
- Roger Banks - Asset Owner
- Paul Blandford - Verifier
- David Baskeyfield - IPF (the Investment Property Forum)
- Ray Adderley - IPF
- Larn Bailey - IA
- Chris Nimmick - IA
- Chris Beesley - Asset Owner
- Jonathan Frew - IA
- Dean McIntyre - Data Vendor
- Patrick Doran - PIMFA
- John Nestor - SPP
- Kevin Sloane - PIMFA
- Jennifer Wood - AIMA
There are also the following official observers:
- Fraser Priestley - Measurers
- Paul Byrne
- Arvinder Matharu
Current Activities
The Committee is preparing a special event to promote the value of GIPS to Asset Owners.
Recent Events
Other
The IA took over the secretariat of the UKIPC in 2015.
Investment Association Contact: Adrian Hood
Last Updated: 12 December 2022
