GIPS Reading 33:
EOC Ques. 8 Solution says:
Whether the custodian is selected by the client or the manager is pertinent to the calculation of total firm assets.
…But it doesn’t elaborate any futher. Just want to confirm: if the custodian is selected by the client, then it is NOT part of total firm assets; if the custodian is selected by the manager, then it IS part of total assets? (And in this case, discretion doesn’t matter since this is total firm assets, not total composites.)
I actually didn’t see an answer to this in the GIPS reading, but was just wondering why they said that in the solution. Thanks