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Annie · 2019年02月17日

问一道题：NO.PZ2016031101000027 [ CFA III ]

  1. CFA III
  2. GIPS

问题如下图：

原公司在决策过程不变等前提下link原portfolio或者composite 的业绩很合理。新公司因为使用相同的决策过程和基金经理就可以用别的公司的历史业绩？

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1 个答案

韩韩_品职助教 · 2019年02月17日

同学你好，对于过去的业绩能否link，GIPS的规定如下：

•a. Performance of a past firm or affiliation must be linked to or used to represent the historical performance of a new or acquiring firm if, on a composite-specific basis: 在以下情况下，被收购公司的历史业绩也将被Link

  1. •i. substantially all of the investment decision makers are employed by the new or acquiring firm (e.g., research department staff, portfolio managers, and other relevant staff); 之前的投资人都被新公司雇佣了
  2. •ii. the decision-making process remains substantially intact and independent within the new or acquiring firm; and 被收购的公司决策仍保持不变，和新公司保持独立
  3. •iii. the new or acquiring firm has records that document and support the performance. 有业绩记录。

•b. If a firm acquires another firm or affiliation, the firm has one year to bring any non-compliant assets into compliance.

根据这个题目的背景，符合第一种情况，把关键的投资经理雇佣了。

Annie · 2019年02月18日

基金经理跳槽和公司被并购不一样吧？

韩韩_品职助教 · 2019年02月18日

我们最终是想展示这个基金经理的投资业绩，所以是看这个基金经理过去投资的业绩能不能和新业绩link起来，虽然跳槽了，但是所有的决策都是这个基金经理来做的，所以他过去的业绩也是可以link过来的。

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NO.PZ2016031101000027 The firm must termine if the cision-making process remains inta(unchange in Firm U. If Firm U continues the originstrategy of the composite with all of its continuing factors, appropriate sclosures are ma ancumentation is in place, the performanmust linke (See Section 3.12 of the reang.) 理以前在T公司，现在被挖到了U公司，U公司能否将自己现在的业绩和理在T公司的业绩link？取决于cision making不变？如果cision making不变就可以link？为什么啊？那是T公司的业绩啊

2021-08-06 09:45 1 · 回答

The firm must termine if the cision-making process remains inta(unchange in Firm U. If Firm U continues the originstrategy of the composite with all of its continuing factors, appropriate sclosures are ma ancumentation is in place, the performanmust linke (See Section 3.12 of the reang.) 请问如果新公司把原有理挖走开了一个别的交易策略，不是前干的新兴市场了，但还是独立决策，这时候还能并进来以前的业绩么？

2020-12-12 14:09 1 · 回答

Firm T, Manager is responsible for Firm T’s Emerging Market Composite. Although Manager makes all the investment cisions for the portfolios in the composite, Manager is supporteFirm T’s researpartment antrang sk. Firm U is seeking to establish emerging market investment strategy anhires Manager to join Firm U. CFirm U link the historicperformanof Manager while Firm T to the performanof its new strategy ancomply with the GIPS stanr? The firm must termine if the cision-making process remains inta(unchange in Firm U. If Firm U continues the originstrategy of the composite with all of its continuing factors, appropriate sclosures are ma ancumentation is in place, the performanmust linke (See Section 3.12 of the reang.) 原公司不遵守gips也可以吗？还有并购那里给出的可以link的条件，看这道题之前老师的回答是只要满足一个就可以？？？？另外如果原公司没有遵守gips可以吗

2020-03-15 19:49 1 · 回答

    这道题里面的manager is supportefirm T's researpartment antrang sk这句话需要考虑吗？是否因为这个与cision process无关，所以不是主要的，关键开始看cision making process？

2019-03-07 13:04 1 · 回答