NO.PZ2022010501000019
问题如下：
Dylan O’Connor is a portfolio manager at JEMStone Asset Management. He makes all the investment decisions for the portfolios in the firm’s Emerging Market composite, supported by JEMStone’s research department and trading desk. Acella Investment Advisors is seeking to establish an emerging market investment strategy and hires O’Connor to join Acella. Can Acella link O’Connor’s historical performance while at JEMStone to the performance of its new strategy and comply with the GIPS standards?
解释：
Acella must determine if O’Connor’s performance track record meets all of the portability requirements. Acella must have records supporting the performance of portfolios currently in the composite and those that were previously managed to the strategy but have since terminated. The firm must also be comfortable that Mr. O’Connor was the primary decision maker for the strategy while at JEMStone and that the strategy will remain substantially intact and independent once at Acella. If these requirements are met, Acella may port the track record, but the ported composite must pass one more test if the firm wishes to link performance: There must not be a break in the track record between the past firm and Acella. For example, if O’Connor left his prior firm at the end of February 2019 and did not start with Acella until 1 May 2019, there will be a break in the track record and Acella must not link to the prior performance.
Acella 必须确定 O'Connor 的业绩记录是否满足所有可移植性要求。 Acella 必须有记录来支持目前在composite 中的投资组合的表现，以及那些以前管理过该策略但后来终止的投资组合。该公司还必须对 O'Connor 先生在 JEMStone 期间是该战略的主要决策者感到满意，并且该战略在 Acella 之后将基本保持完整和独立。如果满足这些要求，Acella 可能会移植业绩记录，但如果公司希望将业绩联系起来，则移植的composite必须再通过一项测试：过去的公司和 Acella 之间的业绩记录不得中断。例如，如果 O’Connor在 2019 年 2 月末离开了他之前的公司，直到 2019 年 5 月 1 日才开始与 Acella 合作，那么业绩记录将会中断，并且 Acella 不得与之前的业绩挂钩。
1.A.32 Performance from a past firm or affiliation may be used to represent the historical performance of the new or acquiring firm and linked to the performance of the new or acquiring firm if the firm meets the following requirements on a composite-specific or pooled fund–specific basis:
- Substantially all of the investment decision makers must be employed by the new or acquiring firm (e.g., research department staff, portfolio managers, and other relevant staff);
- The decision-making process must remain substantially intact and independent within the new or acquiring firm;
- The new or acquiring firm must have records to support the performance;
- There must be no break in the track record between the past firm or affiliation and the new or acquiring firm.
The historical performance can be linked to the new company”s composite as long as the following requirements are met:
- There is no break between the historical performance and that of the new company’s composite.
- The manager is the major person who makes investment decisions, or the new company must hire all the people involved in decision making process.
- The decision making process is intact and independent in the old company.
