The “firm” includes under its assets " total market value of discretionary and non discretionary assets, including fee paying and non fee paying accounts" But for composites a firm must include “actual fee-paying discretionary portfolios” Could someone please interpret that for me ? are there differences in what you apply GIPS to and what you actually present in your reports ?
if you say we manage (not sure if that is the term, maybe custody?) 4 billion in asssets then that includes non-discretionary and non-fee paying. if you say our growth style composite averaged 9% per year for 5 years then that doesn’t include non-fee paying accounts. not sure about non-discretionary but i would assume it excludes those accounts as well.
so does it depend on what the question is all about ? if its about presentation, do we include or keep out the “non fee paying” and non discretionary ones ?