Frank Russell has confirmed compliance with the UK Investment Performance Standards (UKIPS) and the ...
Frank Russell has confirmed compliance with the UK Investment Performance Standards (UKIPS) and the Global Investment Performance Standards (GIPS) for its Dublin-based umbrella fund range Frank Russell Investment Company plc (FRIC) and Frank Russell Investment Funds (FRIF), writes Joanne Frearson.
GIPS is a set of ethical guidelines for presenting performance information in a fair and representative way and for encouraging full disclosure. It is sponsored by the Association of Investment Management and Research (AIMR) and was developed through a global industry-wide initiative strongly supported by the National Association of Pension Funds (NAPF) in the UK.
To be compliant with UKIPS, investment firms must comply with GIPS and have their claim of compliance 'verified' by a third party. Ernst and Young acted as 'verifier' for Russell's claim of compliance.
FRIC and FRIF are compliant with GIPS across all their sub-funds. Jon Bailie, managing director of Institutional Investment Services, says: 'Russell has always supported the principles of fair representation and full disclosure.'
This has been a growing trend in the industry by companies making products GIPS compliant, according to a survey published by US-based The Spaulding Group (TSG).
The survey showed more than 90% either do comply or plan to comply in due course. Globally, about a half of the 166 fund managers surveyed stated their intentions to become GIPS compliant.
This is expected to rise now that the AIMR-PPS US standards have been redrafted to include GIPS at the core and US firms start to take the steps necessary to become GIPS compliant.
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