The new standard will make it possible to evaluate asset management taking into account the risks taken by companies and the income demonstrated.
Photo: Alexander Miridonov
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Financial Market May Import Standard
The National League of Managers intends to introduce a single standard of effective investment onto the Russian financial management market, the organization's president, Dmitry Alexandrov, announced yesterday. He said that the league had the international Global Investor Performance Standards in mind. An adapted form of GIPS may appear on the Russian market by November, allowing management companies to be audited by the new standards. Acceptance of the new standards will be voluntary.
GIPS is a standard for the disclosure of information on the management of investment portfolios. It was developed in the United States by the Chartered Financial Analyst Institute in 1995 and has been accepted in 26 countries. Only ROSNO Asset Management Alliance currently uses it in Russia. There is no other standard in use in Russia.
“That system requires that portfolios under management be included in composites based on similar strategies and investment goals,” notes deputy general director of the Alfa Capital management company Alexey Tukhkur. It also prevents companies from reporting only their most successful portfolios. Observers say the introduction of a single standard for evaluating investments would increase the market's transparency and attract new clients. A majority of companies have to adopt the standard for it to contribute to the transparency of the market, they say, however, and that may not take place immediately.
www.kommersant.com
All the Article in Russian as of Apr. 24, 2008
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