Investors need standards for investment performance measurement and reporting that are reliable and comparable across markets, along with professionals who can apply them.
Hosted by CFA Institute, CFA Society Phoenix
The 2020 edition of the Global Investment Performance Standards (GIPS) was issued on 30 June 2019. Subject experts will address the key points you need to know to comply with, or continue to comply with, the GIPS standards. Asset allocators, regulatory experts, and compliance consultants will also address critical issues and major developments in their fields. This conference is essential for any performance or compliance professional.
Arrive early and attend the GIPS Standards Interactive Workshop on 10 September 2019 (separate registration fee applies).
Anne Anquillare, CFA, is co-founder, CEO, and president of PEF Services. She has been active in the private equity industry since 1993. Ms. Anquillare has served as general partner of Walden Capital Partners and also worked in the investment business unit of Prudential Insurance Company of America. She is currently on industry task forces for NCREIF/PREA and CFA Institute. Ms. Anquillare has been a frequent guest speaker for industry organizations, including the Financial Executive’s Alliance, Association for Corporate Growth, and the Small Business Investor Alliance, and she also addresses local organizations on topics relevant to entrepreneurship. She has been quoted by the Los Angeles Times, CBS News, Money Management Intelligence, and the Wall Street Journal. Ms. Anquillare has been recognized as one of NJBIZ’s Best Fifty Women in Business and received the CEO Brava Award from New York SmartCEO. She earned a bachelor of science in finance from Lehigh University and an MBA from the New York University Leonard N. Stern School of Business.
Carl R. Bacon, CIPM, is chief advisor of StatPro Group plc and runs his own consultancy business, providing advice to asset managers on various risk and performance measurement issues. He is also founder of the Freedom Index Company. Mr. Bacon is a founding member of the Investment Performance Council and the Global Performance Presentation Standards Subcommittee and chair of the GIPS Executive Committee as well as a member of the advisory board of the Journal of Performance Measurement. He has served as chair of both the GIPS Interpretation Subcommittee and the Verification/Practitioner GIPS Subcommittee. Mr. Bacon is the author of Practical Performance Measurement & Attribution and Practical Risk-Adjusted Performance Measurement and editor of Advanced Portfolio Attribution Analysis. He holds a BSc in mathematics from Manchester University.
Jill Banaszak is a client success manager at eVestment, which she joined via acquisition of A.S.A.P. Advisor Services. She has more than 10 years of experience providing investment marketing services and database management solutions for institutional asset managers, hedge fund managers, and other financial advisers. Previously, Ms. Banaszak was head of Omni Solutions, a firm that specializes in targeted database marketing and helps asset managers with all facets of data population. In addition, she has worked in the marketing and advertising industry, developing marketing campaigns for various businesses. Ms. Banaszak earned a BS in public relations (with a minor in business administration), with highest honors, from the University of Florida.
Nick Dekker, CIPM, is a director in the Wealth & Asset Management Consulting practice of KPMG in the United Kingdom. He leads KPMG’s GIPS verification services and is a member of the CFA Institute GIPS Verification Subcommittee. Mr. Dekker also provides operational transformation services to asset management firms, helping them use digital technology and data to better meet the increasing expectations of their clients. He is a chartered accountant and earned a bachelor’s degree in mathematics and economics from the London School of Economics and Political Science.
Bruce J. Feibel, CFA, is head of product and strategy at State Street Global Exchange, a firm that provides data management, analytics, and front-to-back technology solutions to leading asset managers and asset owners globally. Previously, he served as head of performance and risk analytics for BNY Mellon Asset Management. Mr. Feibel has also developed products at BNY Mellon’s software subsidiary, Eagle Investment Systems. He is the author of Investment Performance Measurement and a co-author of Complying with the Global Investment Performance Standards. Mr. Feibel earned a BS in accounting from the University of Florida.
Rebecca Fender, CFA, is head of the Future of Finance initiative at CFA Institute, a long-term global effort to shape a trustworthy, forward-thinking investment profession that better serves society. Her team works with industry partners, academics, and a volunteer network to produce research and thought leadership papers. Recent publications include “Future State of the Investment Profession,” “The Next Generation of Investor Trust,” “Discovering Phi: Motivation as the Hidden Variable of Performance,” and “Gender Diversity in Investment Management.” Ms. Fender is also the co-leader of the CFA Institute Women in Investment Management initiative and has served as the director of the flagship CFA Institute Annual Conference. She speaks regularly at industry events and has appeared in such media outlets as the Financial Times, Bloomberg, and the New York Times. Previously, Ms. Fender was a vice president at BlackRock, working with pension funds and endowments, and she also worked at Cambridge Associates, where she published research about manager selection. She earned her undergraduate degree in economics from Princeton University and holds an MBA from the Darden School at the University of Virginia.
Sarah Grist, CFA, CIPM, is a portfolio analyst at Albourne America LLC. She is a member of the firm’s portfolio advisory group in San Francisco and is responsible for its work with CFA Institute to promote best practices in alternatives. Previously, Ms. Grist worked for Albourne’s risk team in London, focusing on an open protocol initiative and developing Albourne indexes. In addition, she has worked for a family office in Germany, helping them build out processes to monitor a new hedge fund portfolio. Ms. Grist earned a masters in mathematics from Durham University.
As Chief Compliance, Risk and Ethics Officer, Leilani Hall leads global compliance, ethics, and risk management for CFA Institute, its member societies, and affiliations. She is responsible for all global compliance strategies and programs, risk management planning, emergency preparedness, and travel safety. She is also responsible for overseeing ethics-driven programs including the Professional Conduct and Global Industry Standards (GIS). GIS includes the Global Investment Performance Standards (GIPS), the Asset Manager Code and the Pension Trustee Code. Prior to joining CFA Institute, she served as director of strategic planning for the Financial Industry Regulatory Authority and as senior special adviser to the director of the Office of Compliance Inspections and Examinations at the US Securities and Exchange Commission. Leilani also served as senior vice president for Asian business development for the Pioneer Group at Unicredito Italiano, as chief compliance officer at AARP Financial, as chief financial officer and chief operations officer of the Enterprise Group at Mutual of New York, as chief operations officer at Evaluations Associates, and as an auditor and consultant at Deloitte. Leilani is a Chartered Financial Analyst (CFA), Investment Performance Analyst (CIPM), Chartered Alternative Investment Analyst (CAIA), and Certified Fraud Examiner (CFE). She has also received certifications as a Certified Public Accountant, Certified Compliance and Ethics Professional (CCEP), Chartered Life Underwriter, and Chartered Financial Consultant. She holds a degree in accounting from Georgia State University.
Amy Jones, CIPM, is a principal at Guardian Performance Solutions LLC. She has worked with the Global Investment Performance Standards (GIPS) for the past 15 years and has extensive experience interpreting and applying the Standards to almost any situation. Ms. Jones has consulted with advisers of varying size and complexity, and she works with advisory firms to achieve and maintain ongoing compliance with the GIPS standards and review performance advertisements. She has worked extensively with advisers to create policy and procedure manuals compliant with SEC Rule 206(4)‐7, drafted Form ADV disclosures, and conducted compliance reviews and audits for firms across the United States. Previously, Ms. Jones was a manager at an accounting firm specializing in GIPS verification services, where she conducted and oversaw hundreds of GIPS verification projects for advisory firms. She is a member of the GIPS Standards United States Investment Performance Committee, the official local sponsoring organization for the GIPS standards in the United States. Ms. Jones is a member of the National Society of Compliance Professionals and an author on topics related to performance advertising compliance and performance measurement. She graduated from Southern Oregon University with a BS in business administration and an emphasis in accounting.
Beth Kaiser Schwartz, CFA, CIPM, is a director of global industry standards at CFA Institute. She maintains the GIPS standards through management of the interpretations process, develops standards and guidance for new technical areas, and works extensively with volunteer committees. As founder and president of Kaiser Consulting Associates, Inc., Mrs. Kaiser Schwartz has worked with institutional investors on matters related to performance measurement and the GIPS standards. She has worked for both investment managers and investors in various performance-, risk-, and operations-related roles, both as an employee and as a consultant. Mrs. Kaiser Schwartz has served as a volunteer for CFA Institute on the North American Investment Performance Committee, the Investor/Consultant Subcommittee of the GIPS Executive Committee, and the Intellectual Property Working Group of the GIPS Executive Committee. She earned a BS in finance from Florida Atlantic University.
Michael G. McMillan, CFA, is the director of ethics education at CFA Institute, where he is responsible for creating and developing educational content in ethics and professional standards for CFA Institute members and investment professionals. He is also responsible for providing ethical decision-making workshops to pension plan trustees, investment professionals, regulators, and university students. Previously, Dr. McMillan was a professor of accounting and finance at Johns Hopkins Carey Business School and at the George Washington University School of Business. Prior to his career in academia, he was a securities analyst and portfolio manager at Bailard, Biehl, and Kaiser and at Merus Capital Management. Dr. McMillan has served in a variety of volunteer capacities, including as a member of the CFA Institute Council of Examiners, a grader for the CFA Program Level II and Level III exams, and vice president and treasurer of CFA Society Washington, DC. He currently serves as the treasurer and a member of the board of directors of the Alexandria Police Foundation and of the Friends of Fort Dupont Ice Arena. Dr. McMillan is also on the editorial board of the Journal of Business Research. A member of the Society for Business Ethics, he is also a Certified Compliance and Ethics Professional (CCEP), a Chartered Investment Counselor (CIC), and a Certified Public Accountant (CPA). Dr. McMillan has a BA from the University Pennsylvania, an MBA from Stanford University, and a PhD in accounting and finance from George Washington University.
James O’Leary is the director of performance at Mellon. Previously, he served as the director of performance at BNY Mellon Asset Management Operations and as a GIPS/performance analyst at Evergreen Investment Management Company. Mr. O’Leary is a volunteer for CFA Institute. He has served on the United States Investment Performance Committee (USIPC), which is the local country sponsor for the Global Investment Performance Standards in the United States. Mr. O’Leary served as the chair of the committee for the 2018–19 term. He received a bachelor’s degree in operations management from Bridgewater State University.
Ann F. Putallaz, CIPM, is principal at AFP Consulting, LLC. Previously, she served as director of data and communication services at Munder Capital Management, where she headed the team responsible for performance and competitive analysis data, compliance with the GIPS standards, requests for proposals, and wrap/separately managed account portfolio management. Dr. Putallaz has also worked as a director of client and marketing services at Woodbridge Capital Portfolio Management and was a member of the economics faculty at the University of Michigan. Dr. Putallaz holds a BA in economics from Smith College and an MA and a PhD in economics from the University of Michigan.
Antonio Rodriguez, CFA, CIPM, is director of investment strategy at the NYC Board of Education Retirement System, where he works with the executive director and the Board of Trustees on creating and implementing investment policy and strategy. Previously, he served as senior pensions and investments officer at the New York City Mayor’s Office of Pensions and Investments, where he represented the finance commissioner as trustee on the New York City Police Pension Fund board and the New York City Fire Department Pension Fund board. Mr. Rodriguez has also served as a designated alternate trustee for the mayor on the New York City Employees’ Retirement System and the Teachers’ Retirement System of the City of New York. In addition, he has served as research director at SEIU Local 1107 in Las Vegas and as a financial analyst at the SEIU Capital Stewardship Program in New York. Mr. Rodriguez is a graduate of Washington University in St. Louis.
Jed Schneider, CIPM, is senior vice president at Lazard Asset Management, where he is responsible for GIPS® compliance and performance reporting. He has over 25 years of experience in the performance measurement industry and in investment operations. Previously, Mr. Schneider was head of performance reporting for J.P. Morgan’s US Private Bank division. He has also served as a senior verifier at the Spaulding Group, where he conducted verifications and performance attestations. In addition, Mr. Schneider managed performance measurement teams at Morgan Stanley and U.S. Trust and was a statistician for Consumer Reports magazine, where he was responsible for data analysis on all product testing. He chairs the Performance and Risk Committee at CFA Society New York and is an active volunteer supporting the GIPS standards and the CIPM® Program. Mr. Schneider holds the FRM (Financial Risk Manager) designation. He earned a BS in applied mathematics from Stony Brook University and an MS in statistics from Baruch College.
Dimitri A. Senik, CFA, leads the Investor Trust Services at PwC Switzerland. With more than 20 years of experience in this area, he provides assurance services to investment managers and investors with respect to investment process and associated controls, investment performance and risk management, GIPS compliance, and environmental, social, and governance investments. Mr. Senik is also a member of the Investment Committee of the pension funds of PwC Switzerland. He has been a long-standing volunteer with the GIPS standard-setting bodies and chairs the GIPS Technical Committee. Mr. Senik has also served as a member and chair of the GIPS Executive Committee. In addition, he is a member of the GIPS Expert Group of the Swiss Funds & Asset Management Association. Mr. Senik is a Chartered Certified Accountant and holds a degree in international economics.
Arin Stancil, CFA, CIPM, is a managing director and principal at Guardian Performance Solutions LLC, a specialty compliance consulting firm established to help investment managers comply with the Global Investment Performance Standards (GIPS). He has been working with the GIPS standards for over 18 years and has extensive experience interpreting and applying them to almost any situation. Previously, Mr. Stancil served as a vice president and GIPS compliance manager for a global investment adviser, where he was responsible for maintaining the firm’s ongoing compliance with the GIPS standards. He has also served as a partner at an accounting firm specializing in GIPS compliance consultation and verification services, where he conducted and oversaw hundreds of GIPS verification projects for firms around the world of all sizes and levels of complexity. Mr. Stancil is a member of the GIPS Executive Committee, the body responsible for the strategic development, promotion, and implementation of the GIPS standards. He is a former member of the GIPS Standards United States Investment Performance Committee, the official local sponsoring organization for the GIPS standards in the United States.
Steven W. Stone is a partner at Morgan, Lewis & Bockius LLP. He is a securities lawyer who counsels clients on regulations governing broker/dealers, investment advisers, bank fiduciaries, and pooled investment vehicles. Head of the firm’s financial institutions practice, Mr. Stone counsels most of the largest and most prominent US broker/dealers, investment banks, investment advisers, and mutual fund organizations. He regularly represents clients before the US Securities and Exchange Commission, both in seeking regulatory relief and assisting clients in enforcement or examination matters. Mr. Stone advises major US broker/dealers in the private wealth and private client businesses that offer investment advice and brokerage services to high-net-worth clients and broker/dealers serving self-directing clients. He works as counsel on various matters to the Securities Industry and Financial Markets Association’s private client committee and serves as counsel to the Money Management Institute. Mr. Stone advises broker/dealers and investment advisers in the managed account or wrap fee area and counsels various institutional investment advisers and banks on investment management issues, including conflicts, trading, disclosure, advertising, distribution, and other ongoing regulatory compliance matters. He holds a BA from Bates College and a JD from George Washington University National Law Center.
David Terris, CIPM, is director, global industry standards, at CFA Institute. Previously, he worked for 10 years as a verifier, serving as a managing director at ACA Performance Services, LLC, and as a consultant at Vincent Performance Services LLC. Mr. Terris has also served as a fixed-income portfolio manager at Northwest Corporate FCU and as a senior portfolio strategist at USAA, where he worked on the asset management side of his prior firm’s pension plan. He earned a BBA in accounting from the University of Texas at San Antonio and an MBA in finance from St. Mary’s University.
Karyn D. Vincent, CFA, CIPM, is Head, Global Industry Standards at CFA Institute and GIPS Executive Director. Previously, she was managing partner for client services at ACA Performance Services. Ms. Vincent founded Vincent Performance Services LLC, which subsequently merged with ACA. She also served as the global practice leader for investment performance services at PricewaterhouseCoopers. Ms. Vincent also served on the GIPS Executive Committee, chaired the GIPS Technical Committee, GIPS Interpretations Subcommittee and the Verification/Practitioner Subcommittee, served on the CIPM® Advisory Council, and chaired the AIMR-PPS Implementation Committee. She co‐authored with Bruce J. Feibel Complying with the Global Investment Performance Standards (GIPS). Ms. Vincent holds a bachelor’s degree in accounting from the University of Massachusetts Dartmouth.
Wednesday, 11 September
7:00 am - 8:00 am MST
Registration and Continental Breakfast
8:00 am - 8:30 am MST
8:30 am - 10:15 am MST
2020 GIPS Standards Update
Hear about the key changes/additions to the GIPS standards
- Marketing of pooled funds versus composites
- Differentiating broad versus limited distribution pooled funds
- Money-weighted returns versus time-weighted returns
- Changes to the GIPS Advertising Guidelines
- Valuation requirements for private market investments
Principal, AFP Consulting, LLC and Chair, Pooled Funds Working Group
Head, Global Industry Standards at CFA Institute and GIPS Standards Executive Director
10:15 am - 10:45 am MST
Refreshment Break with Exhibit Viewing
10:45 am - 11:45 am MST
Diversity and Inclusion in Investment Management
- Why diversity and inclusion are priorities for investment leaders
- Findings from industry roundtables on how firms are thinking about diversity and inclusion
- 20 recommended actions for firms to become more inclusive
Head, Future of Finance, CFA Institute
Managing Director and Chief Compliance, Risk and Ethics Officer, CFA Institute
11:45 am - 12:00 pm MST
Presentation of the Leadership in Professional Ethics and Standards of Investment Award
12:00 pm - 1:15 pm MST
Lunch Followed by Dessert with Exhibitors
1:15 pm - 2:15 pm MST
How to Communicate Investment Performance Information Fairly, Accurately, and Completely Even If Others Do Not Want You To
- Putting your ethical values into practice
- Examining real-life ethical dilemmas that investment professionals face
Director, Ethics Education, CFA Institute
2:15 pm - 3:15 pm MST
Developing a Database Strategy
- Trends in institutional databases
- Suggestions for efficiently and effectively providing data
- How to manage data
- How GIPS compliance affects database reporting
Client Success Manager, eVestment
3:15 pm - 3:45 pm MST
Refreshment Break with Exhibit Viewing
3:45 pm - 4:45 pm MST
Performance Advertising—A Regulatory Update
- The Advertising Rule update
- The current SEC exam focus on performance, including data requests
- Recent regulatory deficiencies and enforcement actions related to performance
Partner, Morgan, Lewis & Bockius LLP
4:45 pm - 5:45 pm MST
Live GIPS Standards Q&A
Director, Global Industry Standards, CFA Institute
Director, Global Industry Standards, CFA Institute
5:45 pm - 7:15 pm MST
Thursday, 12 September
7:00 am - 8:00 am MST
8:00 am - 9:00 am MST
Practical Tips for Complying with the 2020 Edition of the GIPS Standards
- Total firm assets—What to include/exclude?
- Calculating net returns using model fees
- Estimating transaction costs
- Creating and maintaining lists of limited and broad distribution pooled funds
- Calculating money-weighted returns (MWR) with and without subscription lines of credit
- Determining fee schedules for GIPS Pooled Fund Reports
Investor Trust Services Leader, PwC Switzerland; Chair, Technical Committee; Chair, Interpretations Subcommittee
Managing Director and Principal, Guardian Performance Solutions LLC and Member, GIPS Executive Committee
9:00 am - 10:00 am MST
Risk-Adjusted Performance Measurement
- Periodic table of risk measures
- Why measure risk ex post
- Four dimensions of performance (risk, return, ex post, ex ante)
Chief Advisor, StatPro Group plc and Chair, GIPS Executive Committee
Head of Product and Strategy, State Street Global Exchange
10:00 am - 10:30 am MST
Refreshment Break with Exhibit Viewing
10:30 am - 11:30 am MST
2020 Topics for High-Net-Worth Firms
- Constructing meaningful composites
- Implications of the new carve-out provisions, including:
- Composite construction
- Cash allocation methods
- Composite reporting
- Methods for determining whether a carve-out is representative of a dedicated portfolio managed to the strategy
- Challenges related to determining appropriate benchmarks for private wealth clients
Principal, Guardian Performance Solutions LLC and Member, United States Investment Performance Committee
Director of Performance, Mellon
Senior Vice President, Lazard Asset Management
11:30 am - 12:45 pm MST
Lunch Followed by Dessert with Exhibitors
12:45 pm - 1:45 pm MST
Alternative Investments Panel
- Role of the standard setters in the investment management industry and the importance of working together
- Role of asset allocators and the importance of industry standards in the alternative investment arena
- Perspectives on how best to deal with manager comparisons and analysis when subscription lines of credit are used
CEO and President, PEF Services LLC and Member, Alternative Strategies Working Group
US Real Estate Funds Leader, Deloitte & Touche LLP
Portfolio Analyst, Albourne America LLC
1:45 pm - 2:00 pm MST
Refreshment Break with Exhibit Viewing
2:00 pm - 3:00 pm MST
Verification: What you need to know after the 2020 GIPS standards go into effect
- 2020 GIPS Standards for Verifiers and the updated verification guidance
- How the guidance will affect the verifier’s work
- How the guidance will affect investment managers that are verified
Director, KPMG LLP and Member, Verification Subcommittee
3:00 pm - 4:00 pm MST
GIPS Compliance for Asset Owners
- Why is it important that asset owners and consultants demand compliance?
- What does this mean for asset owner investment oversight?
- What does this mean for firms?
Director of Investment Strategy, NYC Board of Education Retirement System
4:00 pm MST
7575 E Princess Drive
Scottsdale, AZ 85255
CFA Institute has arranged for a special group rate at the Fairmont Scottsdale Princess. Reservations should be made directly with the hotel or through the link below. You must refer to the “CFA Institute group” when contacting the hotel, and reservations should be made by 9 August 2019 to take advantage of the discounted rate. The CFA Institute rate at the Fairmont Scottsdale Princess is USD 239 plus tax, subject to availability.
|CFA Institute Members and Candidates (CFA Program, CIPM, or Investment Foundations)||USD 1295|
|Early Bird – CFA Institute Members and Candidates (CFA Program, CIPM, or Investment Foundations)||
Valid through 12 Aug 2019
|Early Bird – Non-Members||
Valid through 12 Aug 2019
Continental breakfasts, refreshment breaks, lunches, a networking reception, the opportunity to meet with investment colleagues and speakers from around the world, and access to presentation materials online.
|ACA Compliance Group|
|Assurance Accounting Group LLC|
|Fairview® Performance Services|
|John Norwood Consulting, LLC|
Payment is due at time of registration. Forms received without payment will be confirmed on a space-available basis when payment is received. All fees are payable in U.S. funds. Attendance is limited. Please register early.
Cancellation Policy: A cancellation fee of US$150 applies for all cancellations made after 4 September 2019. No refunds will be issued for any cancellations received within 24 hours of program start. Substitutions from the same company are accepted with fee adjustment, if appropriate. Sharing of registrations is not permitted.
Special Needs: Please contact CFA Institute for services to accommodate a disability or to inform CFA Institute of any dietary restrictions. (Please include this information when you register for the conference.)
Attire: Business casual attire is appropriate for this conference.
Please Note: Delegates are encouraged to share their insights and experiences at CFA Institute events on social media and blogs and may link to content on the CFA Institute website, unless otherwise noted (framing is not permitted). Delegates may not distribute, display, or post online any recordings, transcriptions, and/or copies of sessions at CFA Institute events without the express written permission of CFA Institute.
Any person attending a CFA Institute conference, seminar, or other program grants permission to CFA Institute to use and publish his or her image or likeness collected in connection with the program for any usual and customary purpose of CFA Institute including advertisements for CFA Institute and its programs
CFA Institute does not assume responsibility or liability for stolen, lost, or damaged personal property.