Gips, The tricky stuff, the stuff broken down by year, the calcs, and whatever else I thought was wierd or whatever.

One tricky question they could throw at you: in what instance might a client want to see their return net of all administrative (i.e. custody) fees?

According to the GIPS guidance statement on fees:

“The GIPS standards are based on the concept of presenting composite performance to prospective clients rather than presenting individual portfolio returns to existing clients. Firms should, however, consider if existing clients will benefit from the presentation of their individual portfolio returns after the reduction of all fees associated with owning an investment portfolio (i.e., including administrative fees). This “client return” (the net-of-fees return reduced by all administrative fees) may be useful to prospective and existing clients to fully understand the actual return that has been earned and the total amount of fees incurred. The administrative fees, however, are typically outside the control of the firm and, as such, should not reduce gross-of-fees or net-of-fees returns.”

Thanks.

thanks for putting this together