The CFA Centre for Financial Market Integrity of Charlottesville, Va., has issued new guidelines for Global Investment Performance Standards (GIPS), a universal and completely voluntary set of standards intended for separately managed account managers to calculate and present investment performance fairly. The new guidelines, effective Jan. 1, should also give prospective clients full disclosure of a firm's historical performance.

The GIPS wrap fee/SMA provisions and guidelines delineate how separately managed accounts are to be included in a firm's performance calculations and presentations. CFA Institute Board approved these measures to help investors understand the impact of wrap fees on performance, evaluate costs and compare global investment options.

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