GIPS 3.A.3

3.A.3 COMPOSITES MUST include new PORTFOLIOS on a timely and consistent basis after the PORTFOLIO comes under management unless specifically mandated by the client. So any example of the exception? Anyway the discretionary portfolio needs to be included in one composite, right?

actuaryalfred Wrote: ------------------------------------------------------- > 3.A.3 COMPOSITES MUST include new PORTFOLIOS on a > timely and consistent basis > after the PORTFOLIO comes under management > unless specifically mandated > by the client. > > So any example of the exception? I checked Schweser and it has not been very specific to the exception. But it does say something like “a client may deposit the asset for a new portfolio OVER A PERIOD OF TIME”. This may break a firm’s “general rule” of how fast a portfolio is brought to a composite. It sounds like the type of exception we are after. > Anyway the > discretionary portfolio needs to be included in > one composite, right? FEE_PAYING discretionary portfolio must be included in AT LEAST one composite.

so the exception is about the timing, not whether to include or not, fine with me, thx sticky