United States Investment Performance Committee
The United States Investment Performance Committee (USIPC) serves as the official local sponsoring organization (country sponsor) for the Global Investment Performance Standards (GIPS) in the United States. The purpose of the USIPC is to promote the adoption and implementation of the GIPS standards throughout the United States as the common method for calculating and presenting investment performance.
In collaboration with the staff of the Investment Performance Policy Group, we:
- Provide input from US on global issues and proposals related to the GIPS standards
- Develop research papers and guidance on performance-related issues
Country-specific guidance on taxation issues has been removed from the GIPS standards. Learn more about after-tax performance calculation and presentation in the United States.
Publications developed by the USIPC include:
- Best Practices for Creating and Maintaining Policies and Procedures for Complying with the GIPS standards (PDF), which will assist firms with establishing and maintaining policies and procedures for claiming compliance with the GIPS standards.
- Performance Advertising — Reconciling the GIPS Standards with the Investment Advisers Act of 1940 (PDF), which addresses key differences between the GIPS standards and the requirements that the investment advisers registered with the U.S. Securities and Exchange Commission (SEC) pursuant to the Investment Advisers Act of 1940 are expected to follow.
- Internal Education Paper (PDF), which will enable firms to create custom sessions for conducting internal education within their organizations.
Committee members serve a one-year term, renewable for six consecutive years.
Performance Practice Leader, Fairview Performance Services, United States Member, GIPS Standards United States Investment Performance Committee
Greta Nathan is the performance practice leader at Fairview Performance Services where she is responsible for establishing and maintaining the company's products and services. She has 25 years of industry experience and has performed Global Investment Performance Standards (GIPS®) verification and consulting services in each of her previous positions. Ms. Nathan was most recently with ACA Performance Services, where she worked with some of the firm’s largest, most complex global clients. Previously, she worked at Vincent Performance Services LLC and at CAPS, Inc. Ms. Nathan began her career as an audit manager at PricewaterhouseCoopers LLP, providing audit and other services to a range of investment management firms. She serves on the GIPS Standards United States Investment Performance Committee (USIPC). Ms. Nathan earned a BS in mathematics and an MBA in accounting from Union College.
Vice President, T. Rowe Price
Todd Johnson is an audit partner in the asset management group of Ernst & Young. He is also national director of investment performance services at Ernst & Young and has extensive experience with the Global Investment Performance Standards (GIPS). Mr. Johnson has coordinated numerous firm-wide verifications and performance examinations, developed the Ernst & Young learning materials related to investment performance, and conducted seminars on GIPS compliance and verification for Ernst & Young professionals in the Americas. He is a member of the United States Investment Performance Council. Mr. Johnson holds a bachelor’s degree from Boston College.
A&A Manager – Investment Industry, Kreischer Miller
Associate General Counsel, Investment Adviser Association
Prior to joining the Investment Adviser Association in 2013, Sanjay Lamba worked at the US Securities and Exchange Commission (SEC) for 10 years. He began his service in the rulemaking office of the Division of Investment Management before transferring to the Office of Chief Counsel (Legal Branch) in the Office of Compliance Inspections and Examinations in 2010. Prior to his roles at the SEC, Mr. Lamba was an associate in the investment management practice groups at Morrison & Foerster LLP and Dechert LLP. He received his B.S. degree in Finance from George Mason University in 1994 and his law degree from Boston University in 1997.
Partner, K&L Gates
Michael McGrath, CFA, is a partner in the Boston office of K&L Gates, where he practices in the areas of asset management and investment funds, securities, and commodities law, including the representation of institutional investment firms, registered investment companies, private equity, and hedge funds. He counsels clients with respect to SEC, CFTC, NFA, and FINRA regulation. Mr. McGrath also helps financial institutions design their compliance programs, supporting trading and investment management issues including best execution, soft dollars, control of nonpublic information, and derivatives trading, as well as assisting with SEC and NFA staff examinations.
Associate of Investment Performance and Attribution, Liberty Mutual Insurance
Founder and CEO, The Spaulding Group, Inc. and Incoming Member, USIPC
David D. Spaulding, CIPM, is the founder and CEO of The Spaulding Group, Inc. He has more than 40 years of experience in management and technology, including more than 30 years in the financial sector. Dr. Spaulding has conducted training classes for clients, CFA Institute, and CFA Societies. He has authored four books, been co-author or editor of five more, and written numerous articles for various industry publications. Dr. Spaulding has served on a variety of industry committees and working groups. He earned a BA in mathematics from Temple University, an MS in systems management from the University of Southern California, an MBA in finance from the University of Baltimore, and a doctorate in finance and international economics from Pace University.
Chief Compliance Office and Deputy General Counsel, Teacher Retirement System of Texas
Director, PricewaterhouseCoopers, LLP
President, Absolute Performance Verification
Wes joins CFA Institute’s US Investment Performance Committee following a two-year term on the GIPS Verification Subcommittee. He has managed the investment performance measurement and GIPS compliance process for a major global mutual fund complex and a large US regional accounting firm, enabling him to experience GIPS from the perspectives of the investment manager, the accounting firm, the business owner, and the verifier over the last 25 years. Today, he leads Absolute Performance Verification, which he founded in 2006 to provide GIPS verification services to investment managers worldwide. He has presented to CFA Institute member societies as well as at national investment-performance conferences, and he had the privilege of being selected as a ‘Professor for a Day’ at his alma mater, the Trulaske College of Business at the University of Missouri.
Wes earned his MBA at Nova Southeastern University, and his BSBA in finance and banking at the University of Missouri-Columbia.