If I am a portfolio manager of a firm and I switch to a new firm, using the exact same strategy, can I use my performance numbers at my previous firm if people ask me for it? Do I need approval from my previous firm? Thanks.
don’t have my books, but i don’t think you can use it. it’s the property of your old firm’s. if you got approval, i wouldn’t see why you couldn’t use it, though.
Generally, you can’t port the performance from one firm to another b/c it’s considered the property of the old firm. Exception is if you move to the new firm with pretty much all the investment “decision-makers” involved in the past performance at the old firm. There are a couple other caveats: (1) the ported staff and decision-making process remain virtually “intact and independent”, and (2) new firm has documentation to support the past performance figures. Standard 5.A.4 I don’t know whether approval from previous firm trumps all this. That would make sense I guess, but I don’t recall that covered in the material.
from my experience (i could be wrong), GIPS is not as tricky as ethics. normally they only test mechanic rules for GIPS. but ur question could be a relevant ethic question. so make sure you can recite all the important GIPS rules and get 90% GIPS questions right if not 100% (i personally thought i would not be able to remember all the rules back in march 2008 either)…cos most of ur peers won’t give up marks in GIPS