2016 Investment Performance Software Directory

Transcription

2016 Investment Performance Software Directory | 1
Copyright 2016 by Ashland Partners & Company LLP. All rights reserved. Materials may not be reproduced,
translated or transmitted without prior written permission. Ashland Partners claims exclusive right of
distribution and ownership of intellectual property herein, and this document may be not distributed to or
used by any person, business, or entity whose principal business competes with that of Ashland Partners.
CFA®, CIPM®, and GIPS® are registered trademarks owned by CFA Institute.
Ashland Partners & Company LLP
525 Bigham Knoll, Suite 200
Jacksonville, OR 97530 USA
Phone: (541) 857-8800
www.ashlandpartners.com
Inclusion in this directory was limited to those software providers that responded to Ashland Partners’ request for
information with complete information by the submission deadline. A listing in this directory does not imply
endorsement by Ashland Partners.
Advent Portfolio Exchange® (APX®)
ADVENT SOFTWARE, INC.
600 Townsend Street
San Francisco, CA 94103
Phone:
Email:
Web:
Year company was founded:
1 800 727 0605
[email protected]
www.advent.com
1983
Current number of clients:
500 +
Target industry:
Wealth Managers and Asset Managers
Largest client size (USD AUM):
more than $250 billion
Year software first implemented:
2007
Account/portfolio level
performance calculation:
With APX®, you can calculate investment return in two ways at the portfolio level
based on the underlying transactions: Performance reports calculate internal rates
of return (IRRs), leveraging an Average Capital Base or Discounted Cash Flow.
Performance history reports calculate time-weighted returns (TWRs). When you
run a performance history report, APX® links IRRs (calculated with the Average
Capital Base method) to calculate a time-weighted rate of return (TWR). The IRRs
that are linked can be calculated daily or monthly checking for significant cash
flows. Users can define a threshold for significant cash flows, including a 0% cash
flow threshold so that any cash flow will create a break period.
Composite level performance
calculation:
Composite returns are calculated leveraging the transactions in the underlying
portfolios, using the same TWR calculation methodology leveraged on portfolios.
APX® tracks entry and exit dates for portfolios in and out of the composites. If a
portfolio exits the composite during the reporting period, APX® excludes the
portfolio from the composite’s performance for that period.
Attribution methodology:
For a single update period, APX® uses the Brinson-Fachler Model to calculate
attribution. Across multiple periods, APX uses the Cariño Method to calculate
attribution. The APX® Attribution calculation includes Allocation Effect, Selection
Effect and Interaction Effect
Multi-currency:
Yes
Ashland Assist Improves Productivity
Travis Morgan, CFA, CIPM
In September 2015, Advent
Software and Ashland Partners
announced the release of the
Ashland Assist Extract report.
Since then, we’ve received
positive feedback from firms that
have started using it, mainly how
much time the report is saving
them.
The goal of this report when we
initially contacted Advent, was
to provide a solution to an
ongoing issue of having our
clients run multiple reports in
order for us to complete our
testing procedures. This can be a
very time consuming process
depending on the size of the
firm. The extract report solves
this issue and then some.
Very similar to our current
Ashland Performance Extract,
the user determines whether
they run the Ashland Assist on
specific composites or a pre-
determined
group
of
composites.
Our
recommendation would be to
create a group of all of the firm’s
composites,
including
the
composites not currently being
tested by Ashland Partners. The
report itself does not take long
to run but can be quite large in
size, which is why some firms
choose to delete the file after it’s
been uploaded to the Portal.
The extract report includes the
following information:
1. Month end holdings and
market values for all
accounts within the
composites selected, for the
period under review.
2. List of all transactions that
occurred during the period
for all accounts within the
composites selected,
inclusive of commissions
paid.
3. Detailed performance files
(.pbf/.prf) for all accounts
within the composites
selected.
4. Composite membership
(.cpg) files for all composites
selected.
5. Composite dispersion
reports for all composites
selected. The data within
these reports can be used to
populate the composite’s
compliant presentations.
Firms that utilize this report will
see a drastic improvement in
efficiencies by cutting down the
back and forth with Ashland
Partners. If you need any
assistance downloading or
setting up the Ashland Assist
Extract, please contact your
engagement team or Travis
Morgan at 541.842.8405 or
[email protected].
Ashland Partners External Automation
Advent – Ashland Performance Extract & Advent Ashland Assist Extract
Ashland clients that use Advent Axys or APX have the ability to utilize the Ashland Performance Extract &
Ashland Assist Extract made available from Advent at no cost. These extracts provide Ashland's clients with a
quick way of providing Ashland with necessary information.
Norwood Verification Extract
Ashland clients that use a local version of Schwab's PortfolioCenter have the ability to utilize the Norwood
Verification Extract, made available by John Norwood Consulting. This extract provides Ashland with the
following information for the period ran which greatly reduces the time Ashland clients spend pulling reports
for the verification.
Advisor® Xi
ENVESTNET|TAMARAC
701 5th Ave, Floor 14
Seattle, WA 98104
Phone:
Email:
Web:
866-525-8811
[email protected]
www.tamaracinc.com
2000
500 +
Target industry:
RIAs
>$20 billion
2005
Tamarac Advisor View™ offers TWR and IRR Calculations. TWR is computed using daily,
flow adjusted valuations. We provide both Beginning of Day and Split (inflows beginning
of day, outflows end of day) for flow adjustments. IRR is calculated using an iterative
approach, taking into account all flows.
Both return types can be dynamically calculated for any date range, and returns for
periods greater than a year can be presented annualized or cumulative as well as net or
gross of fees.
Composite level
Composite returns are calculated by computing a daily weighted average TWR for all
portfolios within the composite. Both net and gross returns are available for composites.
Agilis
AGILE FINANCIAL TECHNOLOGIES
626 RexCorp Plaza, Office 708
Uniondale, NY 11556
Phone:
Email:
Web:
1 800 641 8030
1 917 722 1252
[email protected]
www.agile-ft.com
2008
50 to less than 100
Target industry:
Investment Management Companies, Banks, Financial Services Companies,
Insurance Companies, Asset/Portfolio/Wealth/Fund Management Companies
$93 billion
2008
Agilis has Performance Calculation Engines that are parameteris-able to cater to
client-specific requirements. Portfolios can be linked to various benchmarks such
as indices. Model Portfolios and internal Indices can also be created within the
system and used as benchmarks. Deviations are highlighted by the system and
Performance is reported at multiple levels - by account, by portfolio, by client, by
family office etc.
calculation:
Same as above. In addition to the above, performance can be easily reported at
any level including at the composite level. This is standard in Agilis (the product
name).
Multi-currency:
Yes. Agilis Investment Management Suite (IMS) is completely multi-currency
enabled.
Black Diamond®
600 Townsend Street
Phone:
Email:
Web:
1 800 727 0605
[email protected]
www.advent.com
1983
500 +
Target industry:
RIA/Wealth Advisory
$5 billion to less than $20 billion
2005
Black Diamond® calculates daily returns at the asset level and builds up to the
Segment, Class, Account, and Portfolio levels. Daily values for BMV, EMV,
Gain/Loss, and Net Additions are combined to calculate the daily return at
successively higher levels. Each higher-level return is a market-value-weighted
average of the returns at the level beneath it. Black Diamond® employs a true,
daily time-weighted rate of return (TWRR) to measure investment performance.
The TWRR calculation neutralizes the effects of cash flows during a holding period
to enable measurement of the intrinsic performance of an investment. TWRR, as
used by Black Diamond®, meets the performance measurement requirements of
the Global Investment Performance Standards (GIPS) published by the CFA
Institute.
calculation:
Black Diamond® calculates daily returns starting at the asset level and building up
to the account level and higher. Composite returns are aggregated from accountlevel returns based on account membership in the composite during the daily
holding period. The aggregated account return data is asset-weighted based on
Beginning Market Value (BMV).
There are a number of different approaches to attribution analysis. The approach
that Black Diamond® uses is an industry standard, the Brinson Model, which
compares portfolio returns to appropriate benchmark returns to assess the impact
of a manager's investment policies. This model of attribution analysis divides the
value-added return of the portfolio into three parts: 1)Asset Allocation, which
measures the results of the portfolio weighting decisions, 2) Asset Selection,
which measures the result of security selection decisions, and 3)Interaction, which
measures the interaction between the allocation and selection components and
does not represent investment management decisions.
Multi-currency:
No
Backstop
BACKSTOP SOLUTIONS GROUP
151 West 25th Street, 12th Floor
New York, NY 10001
Phone:
Email:
Web:
1 646 863 5774
[email protected]
www.backstopsolutions.com
2003
800+
Target industry:
Institutional Investors
$120 billion
2003
Keep track of subscriptions and redemptions, capital commitments, calls and
distributions across portfolios and in multiple currencies. Build and share
portfolio rebalancing and reallocation scenarios with the optional Portfolio
Planning Module. Implement the General Ledger accounting module for
complete accuracy and auditability.
calculation:
Analyze manager and portfolio level performance against industry benchmarks
and peer groups. Measure cumulative performance, net appreciation, manager
and portfolio exposures, and much more. Build and share analytical reports for
use in the software, as well as through Backstop's Excel Toolkit or via Backstop's
robust API.
Multi-currency:
Yes
B-One
BISAM
295 Madison Avenue
New York, NY 10017
Phone:
Email:
Web:
1 646 590 0300
[email protected]
www.bisam.com
2000
50 to less than 100
Target industry:
Asset Managers, Asset Servicers, Asset Owners, Private Wealth Managers
2001
Account / Portfolio level performance is calculated in a number of ways: Using
NAV / Unit Values, Positions / Transactions, Gross / Net of Fees, and Modified
Dietz. B-One provides the flexibility to determine the methodology best
matched to the portfolio, as well as the cash flow weighting to match the
investment style.
calculation:
Composite level performance is calculated on an Equal or Asset Weighted basis,
and can use a fee (including tiered fee) to calculate Gross / Net of Fee
composite performance. The returns can be calculated by B-One (as above) or
loaded from a separate performance system.
B-One is an industry leading attribution solution, providing both Equity and Fixed
Income analysis in a single solution. Our Equity Attribution module provides
Brinson - Fachler, Brinson Hood Beebower, Karnosky & Singer, and Geometric
Attribution. Our Fixed Income module provides a full breakdown of Currency,
Curve, Credit, Spread, and Off-Benchmark bets across a broad range of security
types, including exposure based derivative analysis.
Multi-currency:
Yes
GIPS® Standards Expand to Pooled Investment
Vehicles
Chase Frei, CFA, CAIA, CIPM
With more than three years in
the making, the exposure draft
of the Guidance Statement on
Broadly Distributed Pooled
Funds was released 1 February
2016. As indicated by the name,
the scope of this guidance
statement is specific to pooled,
unitized investment vehicles
with broad distribution such as
mutual funds, unit trusts, and
SICAVs. These requirements will
apply to all firms that claim
compliance with GIPS and are
responsible for both managing
the fund as well as creating the
official pooled fund documents
mandated by regulators and
fund specific marketing material.
The
guidance
statement
acknowledges the complexities
in creating a global set of
requirements that apply to what
are often highly regulated
products, and to that extent
chose a “minimalist approach” in
developing new guidance. At its
core, the guidance statement’s
approach is to set baseline
requirements for the calculation
and
presentation
of
performance in official offering
documents or fund-specific
marketing
material
while
deferring to local laws and
regulations, if they exist.
Ashland
Partners
strongly
encourages all firms to read and
comment on the exposure draft,
whether in agreement or
disagreement. Make your voice
heard, comment before 29 April!
Additionally, check out Ashland
Partners'
recent webinar
introducing the requirements
and recommendations of this
exposure draft in more detail.
The public comment period for
the exposure draft is open
through 29 April 2016 via
hardcopy, fax, or email to
[email protected].
Why claim compliance with GIPS? Why get verified?
1. Demonstrate a commitment to ethics and embrace industry best practices.
2. Stay Competitive: Consultants ask about compliance; public fund sponsors often require
compliance and verification.
3. Get help when you need it: Ashland can expedite the compliance project by offering expert
advice to keep your firm on track and up-to-date with changing requirements.
4. Compliance + Verification provides a level of comfort for both the manager and prospective
client that the firm’s performance presentations are credible.
5. Compliance and verification fees are affordable. While the cost of NOT becoming compliant
and getting verified can be difficult to quantify; there’s no way to know how much new
business is being lost.
Black Mountain Investment Management Suite
BLACK MOUNTAIN SYSTEMS LLC
200 West 41st Street, 14th Floor
New York, NY 10036 (with offices in San Diego & London)
Phone:
1 858 866 8989
+44 (0) 203 540 8660
Email:
Web:
[email protected]
www.blackmountainsystems.com
2007
50 to less than 100
Target industry:
CLOs, Alternative Asset Managers, Direct
Lenders, RIAs, SMAs, Mutual Funds, Private
Funds, Banks, Insurance Companies, Broker
Dealers, Real Estate
More than $250 Billion
2007
We calculate time-weighted returns by geometrically linking daily Modified
Dietz calculations using each position's present market value, accrued income
and cash flows.
calculation:
We calculate the daily position-level performance, and roll that up to the total
composite using a weighted average to get the daily composite performance.
The multi-day composite performance is calculated by geometrically linking
the daily performance.
Multi-currency:
Yes
Cogency Software
BACKSTOP SOLUTIONS GROUP
151 W. 25th Street, 3rd Floor
New York, NY 10001
Phone:
Email:
Web:
1 646 863 5747
[email protected]
www.cogencysoft.com
2002
20 to less than 50
Target industry:
Institutional investors with multi-asset class portfolios heavily weighted in
alternative investments; Fund of Funds, Endowments, OCIO’s, Family Offices
2005
The software calculates a monthly return, using Time Weighted Return (TWR),
modified Dietz, and Internal Rate of Return (IRR) methodologies for each
position, and each account, as appropriate for the asset class. Mixed-asset-class
performance is computed as the weighted rollup of the Time Weighted Return
of all positions, regardless of asset class. Non-invested-assets, comprised of cash
and other assets and liabilities, is treated as a position so that the portfolio level
performance can optionally include the full net-asset-value of the entity
calculation:
The product calculates a weighted-asset-rollup of performance for all positions
in a grouping. The system has default multi-level groupings such as strategy, asset
category, asset class, geography, sector, etc. In addition, custom user defined
groupings can be created at any time. Users can define specific benchmarks of
the composite levels, at all levels of the hierarchy. Alternately, the system can
calculate a weighted benchmark, using the weights of the members of the
composite and their benchmarks.
Multi-currency:
Yes
CompositeBuilder
JOHN NORWOOD CONSULTING, LLC
6401 Litchford Road
Raleigh, NC 27615
Phone:
Email:
Web:
1 919 413 0322
[email protected]
www.norwood-consulting.com
2008
20 to less than 50
Target industry:
RIA's
2013
CompositeBuilder does not compute account/portfolio level performance. It uses
the monthly performance computed by the client's portfolio accounting system.
calculation:
CompositeBuilder computes the monthly size-weighted average return of all
portfolios included in the composite for the full month. The weighting algorithm
reflects either the beginning of month value and all capital flows within the
month, or only the beginning of month value, depending on the firm preference.
Multi-currency:
No
CompositeHub™
CAPS, INC.
225 E. Robinson Street, Suite 100
Orlando, FL 32801
Phone:
Email:
Web:
1 407 930 3590
[email protected]
www.capsinc.com
1996
100 to less than 250
Target industry:
RIA’s, Asset Owners, Banks, Insurance Companies
$700 billion
1998
Derived from the source performance system(s).
calculation:
Asset weighted based on portfolio beginning market value; asset weighted based
on portfolio beginning market value and weighted cash flow; Asset weighted
based on aggregate method; Equal weighted. The software also supports loading
previously calculated composite data from spreadsheets or another system.
Multi-currency:
Yes.
CompSiteIQ
INFORMA INVESTMENT SOLUTIONS
4 Westchester Park Drive, Suite 200
White Plains, NY 10604
Phone:
Email:
Web:
1 800 789 5323
[email protected]
www.informais.com
1976
Less than 20
Target industry:
More than $50 billion
2011
CompSiteIQ assumes all underlying account/portfolio level performance
calculations are done through in a performance calculation engine like
PerformanceIQ or in the client’s portfolio accounting system. Clients can choose
to license PerformanceIQ from Informa as a total performance measurement
solution. The returns calculated in PerformanceIQ are automatically sent to
CompSiteIQ each month. If your firm does not use PerformanceIQ, there are
standard formats that files can be submitted to CompSiteIQ via a secure FTP site.
calculation:
CompSiteIQ calculates the following composite level performance:
Beginning Market Value Weighted Return: The weight of each portfolio is
calculated as the percentage of total composite value at the start of the period.
Each portfolio’s weight is multiplied by its return to determine its relative
contribution to the composite return. The composite return is the sum of the
portfolio contributions.
Beginning Market Value + Weighted Cash Flows: The weight of each portfolio is
calculated as a weighted average market value – the beginning market value plus
the weighted net asset flows that occurred during the period. Each portfolio’s
weight is multiplied by its return to determine its relative contribution to the
composite return. The composite return is the sum of the portfolio contributions.
Equal Weighted Return: The equal weighted composite return is, by itself, noninformative. Its true value is realized only when viewed together with the
composite median return. The combination of the average and median returns
reveals the money manager’s ability to provide consistent returns for all portfolios,
without regard for portfolio size. The return has little value in the context of asset
owner composites.
Each of these calculations can be done on a gross-of-fee and net-of-fee basis.
Multi-currency:
No
8 Cyber Tools to Survive your SEC Exam
Alan Jackson, CISSP
Cyber threats pose a significant
present risk to the financial
services industry in the United
States. The Federal Government
and the Securities and Exchange
Commission (SEC) have echoed
this sentiment many times. For
example, Mary Jo White, the
chair of the SEC stated in her
opening statement at the SEC
roundtable on cybersecurity
that, “Cyber threats are of
extraordinary and long-term
seriousness. They are first on the
Division of Intelligence’s list of
global threats, even surpassing
terrorism” (2014). Despite this,
and other statements, many
financial services firms fail to
comply with their cyber security
obligations. This may be due to
the fact that the SEC has, until
recently, avoided giving clear
direction on how to comply with
Regulation S-P, which requires
firms to protect confidential
information against cyberattacks. This, however, is no
longer the case. Read more...
The SEC has shown through
statements,
enforcement
actions, and initiatives what
controls firms are expected to
have in order to comply with
Regulation S-P. This is the first in
a series of practical blog posts by
Ashland Partners discussing:


How to designate your
Program Administrator
How to create a Risk
Assessment






What specific Policies and
Procedures you should have
How to regularly Test your
Controls
What should be included in
your Staff Training
How to perform Vendor Due
Diligence
How to Regularly Review
your information security
program
How to build an Incident
Response Plan
These 8 cyber tools are what the
SEC wants to see in your
information security program.
When implemented well, you
will have the tools needed to
protect your data and survive a
possible SEC exam
Creating Cyber Security Training that Works
Alan Jackson, CISSP
If you are not a computer
security professional, you may
have missed a recent debate
surrounding the effectiveness of
cyber security education. Some
believe that attackers are so
sophisticated that there is no
way well-trained employees will
be able to recognize their
attacks. Others believe that welltrained employees can mitigate
the risk of external and internal
threats. We at Ashland Partners
have experienced how effective
well-designed cyber education
can be, and we know that it is
worth doing right.
In order to be effective,
educational programs must take
into account the needs of the
intended audience. For example,
adult learners require training
that
is
meaningful
and
immediately useful to their lives.
To show that something is
immediately useful, an adult
must see the training in a real-
world context. This is where
cyber education has an
advantage over other subjects; it
is relatively easy to incorporate
interactive
simulations
to
reinforce specific cyber training.
Simulations create situational
awareness by showing the
person an example of what they
were just taught. Simulations
also provide teachable moments
for when they fail to remember
their training. This link between
training
and
simulated
reinforcement has to be well
researched.
For
example,
Kumaraguru (et al, 2009) in
“School of phish: a real-world
evaluation of anti-phishing
training,” determined that
multiple
training
events,
followed by simulated phish
tests, progressively reduced the
likelihood that the students
would succumb to a phishing
attack. Ashland Partners has
experienced this as well. For
many years we have been giving
our employees cyber security
education. Nine months ago we
started performing regular phish
testing on all employees. As a
result, our click rate on simulated
phishing attacks has diminished
from 14% down to 0%. This
methodology can be applied to
any subject, and can help
increase your employee’s level of
compliance.
For more information on this
subject, please contact Alan
Jackson at 1.541.842.8458 or
[email protected].
Eagle Performance
EAGLE INVESTMENT SYSTEMS LLC
45 William Street
Wellesley, MA 02481
Phone:
Email:
Web:
1 781 943 2200
[email protected]
www.eagleinvsys.com
1997
Target industry:
Asset Managers, Asset Owners, Insurance, Private Wealth, Asset Servicers,
Advisors
more than $500 Billion
1999
Eagle generates returns from the underlying instrument to asset, segments and
total portfolio levels. Multiple methodologies are available with transparency to
net asset values, positions, cash flows, benchmarks and third-party returns. Timeweighted rates of return, price to price, internal rate of return, and Modified
Dietz with significant cash flow assumptions are available. Daily and monthly
return types include: gross, net, local, base, notional, principal, income, and any
client variation required. Returns are linked in support of multiple forms of
equity, fixed income and manager attribution, ex-post risk, and look-through to
underlying instrument/issuer exposures. Returns are managed through status
levels and validated thru Eagle Data Quality Monitor for a KPI view over
workflows. Calculation flexibility is married with market and asset data
management strengths to provide for a well-governed performance book of
record platform.
calculation:
Eagle supports composite performance including; benchmark, household,
strategy, and complete composite management workflow as advised by the
GIPS® guidelines. Calculation methodologies include asset-weighted returns,
strategic aggregation or benchmark weights, and dynamic position and cash flow
aggregation from member portfolios. Composites may be defined through
manual entry, data load or an inclusion rule that dynamically proposes new
member portfolios based on user-defined business rules. Dynamic and static
footnotes are maintained at a firm or composite level and may report on
composite-specific data points at run time such as market value. Time series
returns and risk measures are reportable on a benchmark or peer-relative basis.
Manager attribution analyzes underlying portfolios, composites, or managers
within a composite through Brinson-Fachler style effects as compared to a
strategic asset allocation or composite benchmark.
Everest Investment Management Suite
BLACK MOUNTAIN SYSTEMS LLC
254 West 54th Street, 13th Floor
New York, NY 10019
Phone:
Email:
Web:
1 646 461 8294
[email protected]
www.blackmountainsystems.com
2007
50 to less than 100
Target industry:
RIA's, Mutual Funds, Private Funds, Banks, Insurance Companies, Broker/Dealers,
Real Estate
2007
We calculate Time-Weighted returns by geometrically linking daily Modified
Dietz calculations using each position's present market value, accrued income and
cash flows.
calculation:
We calculate the daily position-level performance, and roll that up to the total
composite using a weighted average to get the daily composite performance. The
multi-day composite performance is calculated by geometrically linking the daily
performance.
Attribution is calculated using the Brinson-Fachler method of attribution which
yields the Allocation, Selection and Interaction Effect of any asset, issuer or other
security master dimension (industry, rating, country, etc.)
Multi-currency:
Yes
FC Portfolio
FUNDCOUNT LLC
575 Lexington Avenue, 4th Floor
New York, NY 10022
Phone:
Email:
Web:
1 877 727 5776
[email protected]
www.fundcount.com
1999
Target industry:
Hedge Funds, Hedge Fund Administrators, Family Offices, Investment Managers,
Private Equity Funds
2001
We calculate performance using the standard GIPS formulas, Time Weighted
Return (TWR) and Internal Rate of Return (IRR). In addition, we offer a simple rate
of return calculation. Users can run performance at any level: tax lot / tranche,
investment / manager, account, or portfolio. Run this for a single entity or across
multiple entities, by asset class, sector, and more (as you may customize the way
you classify your data).
calculation:
You may create composite / blended benchmarks in the software for comparison
purposes. Enter the performance for each component and the software creates a
composite return. For your own data, you may slice / dice the data using internal
tools to build the specific composite you would like and the software calculates the
returns for you.
Attribution is a large topic and FundCount does some attribution analysis.
Comparing managers to benchmarks, showing managers performance by sector,
and comparing manager’s standard deviation to performance are all included in
the software.
Multi-currency:
Yes
FDx Perform
FOLIODYNAMIX
1 Harmon Plaza, Floor 6
Secaucus, NJ 07094
Phone:
Email:
Web:
1 201 605 1876
[email protected]
www.foliodynamix.com
2007
Target industry:
RIA's, Banks, Trust Companies, Broker-Dealers
2008
Daily exact calculation of Modified Dietz. Time-weighted and dollar weighted
calculations on a daily basis, as well as period-end. Calculations are done at the
Household, Account, and Sleeve levels (UMA-type accounts).
calculation:
The Composite calculations are done for Annually, Quarterly and Monthly Periods
and include the following calculations for both Net and Gross of Fees: Total Market
Value – beginning of period; Total Market Value – end of period; Equal Weighted
Return – average of all returns for accounts/sleeves eligible in reporting period;
Asset Weighted Return – weighted average of all returns for accounts/sleeves
eligible in reporting period weighted by the beginning of period market value.
Minimum Return – minimum return of all returns for accounts/sleeves eligible in
reporting period; Maximum Return – maximum of all returns for accounts/sleeves
eligible in reporting period ; Median Return - of all returns for accounts/sleeves
eligible in reporting period; Minimum Market Value – minimum of all returns for
accounts/sleeves eligible in reporting period; Maximum Market Value - maximum
of all returns for accounts/sleeves eligible in reporting period; Number of
Observations – number of all returns for accounts/sleeves eligible in reporting
period; Standard Deviation – standard deviation of all returns for accounts/sleeves
eligible in reporting. 3 Year Standard Deviation - standard deviation of trailing 3
year annualized returns over history of composite. Benchmark Return – return for
period of associated benchmark; 3 Year Standard Deviation Benchmark – standard
deviation of trailing 3 year returns for benchmark over history of composite.
Multi-currency:
No
FIN
FINANCIAL INFORMATION NETWORK, INC.
6656 Valjean Avenue
PO Box 7954
Van Nuys, CA 91409
Phone:
Email:
Web:
1 818 373 8237
[email protected]
www.fingps.com
1969
20 to less than 50
Target industry:
RIA's
1969
The FIN Portfolio Management and Accounting System enables conformance to
GIPS guidelines in an easy to use manner. FIN performance calculations are based
on GIPS guidelines, time weighted, linked geometrically and adjust for external
cash flows. Periodic returns are geometrically linked and external cash flows are
treated in a consistent manner with a Firm’s documented, composite specific
policy. FIN uses a Modified Dietz Method to calculate rates of returns that adjust
for daily-weighted external cash flows. The flexibility of the system allows users
to view by sector (i.e. fixed income, domestic or foreign equities) and compare
those sectors to its comparable benchmark reflecting net or gross of fees, with or
without income on a cumulative / non-cumulative basis.
calculation:
FIN supports an unlimited number of composites for each investment firm.
Composite performance utilizes standard deviation providing an account
weighted average with reflected gross and net of fees as well as dollar weighted
composites. In addition, FINs composite reporting reflects linked month-ending
averages gross and net of fees in addition to measure of dispersion.
Although true attribution analysis compares portfolio returns to its benchmark
constituents, FIN does drill down the return of each security to its overall sector.
Our report reflects percent of assets, return of the security and total account
attribution.
Multi-currency:
Yes
First Rate CORE
FIRST RATE, INC.
1903 Ascension Boulevard
Arlington, TX 76006
Phone:
Email:
Web:
1 817 525 1900
[email protected]
www.firstrate.com
1991
500+
Target industry:
Bank/Trust, Broker Dealer, RIA
1991
First Rate calculates account/portfolio level performance using a frequency of
daily, monthly, or significant flow. Utilizing the time-weighted or moneyweighted calculation to produce returns, while also identifying unlimited sector
classification and hierarchy size. In addition, there are three independent
schemes per asset.
calculation:
First Rate uses three methods to calculate composite level performance
including asset-weighted, super account or equal-weighted with optional time
frequencies of monthly or daily. With our solution Automated Composite Engine
(ACE), we are able to automate membership in composites based on business
rules.
Multi-currency:
Yes
Geneva®
600 Townsend Street
Phone:
Email:
Web:
1 800 727 0605
[email protected]
www.advent.com
1983
Target industry:
Hedge Funds, Fund Administrators, Prime Brokers, Global Asset/Wealth
managers
2001
By default, Geneva’s® TWR performance reports calculate IRRs for the portfolio’s
IRR frequency. Geneva® then links the IRRs together to calculate TWRs for the
period. Geneva® uses the Modified Dietz formula to calculate the IRRs. The
Modified Dietz method divides the total earnings by a weighted denominator.
Geneva® determines cash flows based on the defined performance period, and
weights cash flows according to the cash flow weighting method specified for the
portfolio.
calculation:
Geneva® uses the accounting calendars and parameters of the composite’s
member portfolios to calculate results. Geneva® calculates IRRs for the composite
as a whole and geometrically links those IRRs, as described above, to obtain the
composite TWR.
Multi-currency:
Yes
Discretion: GIPS® vs. SEC
Julia Reyes, CIPM
The
Global
Investment
Performance Standards (GIPS®)
require that firms establish
policies and procedures to
ensure that composites and total
firm assets properly reflect only
actual assets managed by the
firm. This process is typically
conducted on a quarterly basis or
as frequently as the firm is
presenting
assets
under
management.
When capturing firm assets
under management for GIPS
purposes, the firm is required to
include all discretionary and
non-discretionary assets at the
firm. Determining whether
assets are discretionary or nondiscretionary for GIPS purposes
versus from a regulatory
standpoint, like the SEC, can be
difficult.
When considering portfolios
that have a discretionary
agreement
under
SEC
guidelines, discretion can be a
fairly simple hurdle.
1. Do you have control over
the implementation of
investment decisions and
trading authority?
2. Do you have continuous
regular supervisory or
management services?
In most cases the answer will be
yes. Within the GIPS framework,
discretion means something a
little different. Discretion is
defined as the ability of the firm
to implement its intended
strategy. If the intended strategy
is not able to be implemented,
the
account
would
be
considered
non-discretionary
from a GIPS perspective. These
accounts would not be included
in a composite, but would still be
included in the firm’s total assets
under management. Firms have
some latitude when deciding
what factors to consider when
determining
an
account’s
discretionary status. Oftentimes
there is consideration for client
imposed restrictions that apply
to the firm’s strategies.
There may be relationships
developed where the firm does
not have control over the
implementation of trades or
investment decisions. This is
most often the case with model
driven platforms. In those
instances, the assets are
considered advisory-only from a
GIPS perspective and should not
be captured in firm assets. Not
all model delivery systems are
created the same and some
provide the portfolio manager
with more discretion than others.
I would encourage firms that
have such relationships to review
their contracts and ensure the
treatment of those relationships
is appropriate.
Getting Started: Ashland Partners Recommends Reading These!
Guidance Statement on Definition of Firm:
Guidance Statement on Error Correction:
Clarifies the options for defining the firm. This is the
foundation of firm-wide compliance and creates
boundaries whereby total firm assets can be determined.
Outlines steps for establishing a policy designed to
address potential errors that may impact the firm’s GIPS
compliant presentations, including both quantitative
and qualitative errors. (8 pages)
Guidance Statement on Composite Definition:
Specifies the criteria that should be considered when
constructing composites. This Guidance Statement also
addresses the definition of discretion for representation in
a composite (which can be a very different concept from
trading discretion) and the voluntary implementation of
minimum account sizes for portfolios to be included in a
composite.
Access these guidance statements and more at:
www.gipsstandards.org
Harmony Portfolio Management System
INFINITE INVESTMENT SYSTEMS LTD.
77 King Street West, Suite 3108 (TD North Tower)
P.O. Box 266
Toronto, Ontario M5K 1J5
Phone:
Email:
Web:
1 416 861 0911
[email protected]
www.inf-systems.com
2004
50 to less than 100
Target industry:
High Net Worth, Fund Managers, Institutional Managers, and Family Offices
2004
Performance can be run at the portfolio level, on a consolidated group of accounts
or on a breakdown of any aspect of the portfolio (i.e. sector, sub-sector, security).
Using both time-weighted calculation methodology and dollar-weighted (IRR)
calculations, Harmony users have a plethora of performance reports available to
them. Performance can be run at any frequency on any date range and there are
multiple options to include/exclude (i.e. fees, income) when calculating
performance. Additionally, performance can be compared to any number of
benchmarks, indices, blended benchmarks and custom benchmarks.
calculation:
Using a dynamic account grouping function, composites can be set up and
composite membership (individual accounts in and out) tracked in Harmony. The
system can be used to calculate the composite performance numbers, to assign
accounts to specific composites and to generate reporting to satisfy GIPS
requirements. Composites are calculated by asset-weighting accounts using
beginning of period values.
Harmony is able to calculate performance attribution at the security level and
sector level. For attribution, in order for the comparisons to be done, security level
index data needs to be supplied into Harmony. For this, Harmony can interface
with most standard data providers. Harmony uses a geometric attribution
calculation methodology.
Multi-currency:
Yes
IMS
VESTSERVE
14 Felton Street
Waltham, MA 02453
Phone:
Email:
Web:
1 781 209 0262
[email protected]
www.VestServe.com
2001
20 to less than 50
Target industry:
Investment Management Firms, Endowments & Foundations, Family Offices,
Insurance Companies
$80 billion
2004
IMS enables customers to calculate many different types of performance
according to their needs, for example, HPR, daily TWROR, IRR, etc. In all cases
users have a great deal of control over the manner in which an analytic is
performed, for example, compounding, trade/settle, net/gross of fees,
discounting. Returns can be compounded at any level of frequency such as daily,
monthly quarterly and aggregated by any categorization structure (security type,
portfolio, composite). IMS supports multiple hierarchies of aggregation.
Benchmark analysis enables comparing performance at multiple levels (by sector,
portfolio, portfolio group, rating, etc) and blended benchmarks are supported,
as well. GIPS compliant reporting is enabled in IMS.
calculation:
IMS enables users to categorize their assets by various attributes (security code,
sector, etc.) into composites. Historical composition provides for reporting
composites and their performance over time. IMS will track the start and end
date of positions from the trades so that users can have fully GIPS compliant
reporting. Contribution tracks returns relative to the overall portfolio weighting
and then aggregates the weighted return. The result is return for each position
that sums to the overall portfolio return. IMS can also calculate attribution
(Brinson Model) given benchmarks.
Multi-currency:
Yes, IMS is multi-currency and it allows users to display positions, flows or
performance in multiple currencies on a single report.
Intelligent Portfolio Management® (iPM®)
INDATA
9 Greenwich Office Park
Greenwich, CT 06830
Phone:
Email:
Web:
1 858 847 6572
[email protected]
www.indataipm.com
1968
Click here to enter text.
Target industry:
Buy-side institutional asset managers, registered investment advisors, wealth
management firms, pension funds and hedge funds.
Over $100 billion
1997
APEX, which stands for Attribution and Performance Examiner, provides users
with the unique ability to evaluate the performance of portfolios on both master
& sub account levels, asset classes, sectors, industries, analyst classifications and
securities for any time period based on time-weighted rates of return using the
Modified Dietz Methodology.
calculation:
APEX provides complete, transaction-based attribution against any benchmark,
for any time period as well as composite tracking. Composite setup and
maintenance is performed in an automated fashion with proactive real time
alerts notifying users of any violations. Attribution is measured using the Brinson
Methodology.
Multi-currency:
Yes
Custody and Safeguarding Client Assets
Carrie Zippi, CPA
The “Compliance Rule” under
the Advisers Act (Rule 206(4)-7)
requires RIAs to adopt and
implement written policies and
procedures reasonably designed
to prevent violation, by you and
your supervised persons, of the
Advisers Act and the rules that
the Commission has adopted
under the Act. Among other
critical areas, these policies and
procedures must address the
safeguarding of client assets
from
conversion
or
inappropriate use by advisory
personnel.
With the Compliance Rule in
mind, firms should establish
robust policies and procedures
to cover and address critical risk
areas in relation to the
safeguarding of client assets.
Areas to consider may include
the following items:
1. Conducting background and
credit checks on employees
of the RIA who will have
access (or could require
access) to client assets;
2. Requiring authorization of
more than one employee
before performing activities
related to client accounts or
assets, like, movement of
client assets, transfer of cash,
changes
to
account
information, etc.;
3. Limiting the number of
employees
who
are
permitted to interact with
custodians with respect to
client assets. Firms may also
want to consider rotation of
staff on a periodic basis.
4. Requiring that any questions
or concerns on custody of
assets should be brought to
the immediate attention of
the
Chief
Compliance
Officer and/or management.
5. Prohibiting employees from
acquiring custody of assets
by barring them to become
trustees for client assets or
obtaining power of attorney
for clients;
6. Conducting annual training
for employees on the firm’s
policies around safeguarding
client assets and potential
custody violations (e.g.
accidental acceptance of
custody, inadvertent receipt
of checks, and reinforcement
of firm policies, etc.);
7. Segregating the duties when
possible. Example, if the firm
has an affiliated custodian,
advisory personnel should be
segregated from custodial
personnel. Another example
could be to separate
personnel responsible for
processing invoices and
those
responsible
for
reviewing them; and
a) Reconciling client account
balances and transactions to
records directly received
from custodians;
b) Reviewing client addresses
and names obtained from
internal
records
and
comparing to addresses and
names
maintained
by
qualified custodians;
c) Recalculating and reviewing
management
and,
if
applicable,
performance
fees directly debited from
client accounts; and
d) Reviewing client account
statements from the advisory
firm for accuracy and
required disclosures.
If you have any questions or
would
like
additional
information,
please
don’t
hesitate to contact your
engagement team.
8. Implementing
periodic
testing to check the
effectiveness of custody
controls which may include,
but are not limited to, the
following:
MIMICS Portfolio Management Software
MIMICS, Inc.
319 SW Washington Street, Suite 501
Portland, OR 97204
Phone:
Email:
Web:
1 505 332 9220
[email protected]
www.mimics.com
1976
Target industry:
Banks, Central Banks, Brokerage Firms, Fund Managers, Insurance Companies
and Corporations
1982
Various performance calculations and reports are available in the MIMICS
Portfolio Management system. On the most basic level, realized and unrealized
gains are tracked on the level of the holdings, and are consolidated for portfoliolevel reporting. Further portfolio returns are calculated on a daily basis using the
change in value of the portfolio, taking into account inflows and outflows of cash.
Finally, specific performance calculations are available for reporting, including
Internal Rate of Return (IRR), Time Weighted Returns (TWR), Differential Return
Measure (Jensen), and Geometric Mean Annual Return.
calculation:
The MIMICS Portfolio Management system calculates composite performance
by aggregating the underlying transactions and cash flows of the various
portfolios into one composite, and calculating the returns based on that.
Multi-currency:
Yes
Orion
ORION ADVISOR SERVICES, LLC
17605 Wright Street
Omaha, NE 68130
Phone:
Email:
Web:
1 402 496 3513
[email protected]
www.orionadvisor.com
1999
500+
Target industry:
RIA’s, Broker/Dealers
Performance can be calculated using TWR, IRR or Simple Rate of Return. TWR
revalues the account/portfolio for all cash flows. IRR identifies all cash flows.
Simple return is End Value Cash Flows Out over Starting Value Cash Flows In. At
any time the system can calculate Net of Fees or Gross of Fees performance;
include/exclude accrued fixed income interest; and show annualized/unannualized returns.
calculation:
Composite returns are calculated by linking the weighted average monthly
returns for all portfolios within the composite. Portfolio returns are calculated
using TWR. Portfolio weighting is based on beginning portfolio value for each
month. Returns can be calculated for Gross of Fees, Net of Fees Actual or Net of
Fees Accrual
Multi-currency:
No
1999
Parilux
PARILUX INVESTMENT TECHNOLOGY, LLC
510 Thornall Street, Suite 220
Edison, NJ 08837
Phone:
Email:
Web:
1 732 584 2396
[email protected]
www.pariluxtech.com
2010
20 or fewer
Target industry:
Endowments, Foundations, Pension Funds
2011
Users can choose IRR, Modified Dietz, Parilux Effective Return, or True Time
Weighted Return as options for calculating both investment level or portfolio
level returns. Portfolio returns are calculated on both a "summary of investments"
basis and aggregate "portfolio basis" (based on client capital flows and aggregate
portfolio valuations and portfolio level income/expenses). All return calculations
are premised on investment level transaction/valuation tracking for investment
performance, and portfolio level capital flows for portfolio level performance.
Our advanced transaction processing engine supports various cost basis close out
methods and reporting. Asset class specific reports support nuances of PE
valuation and performance tracking (e.g. RVPI, Return Multiples, Realization
Multiples).
calculation:
Users can combine any number of portfolios to calculate a composite return.
Multi-currency:
Yes
We provide clients with a Brinson style attribution analysis with user options for
various return linking methods. Further we have an advanced performance
attribution module capable of isolating and quantifying the impact of common
portfolio decisions made by policy investment boards, CIOs deviation from policy
levels, manager selection, style bias selection and timing over any user defined
time period.
PerformanceIQ
INFORMA INVESTMENT SOLUTIONS
4 Westchester Park Drive, Suite 200
White Plains, NY 10604
Phone:
Email:
Web:
1 800 789 5323
[email protected]
www.informais.com
1976
230
Target industry:
Wealth Managers, RIAs, Family Offices, Private
Banks and Trust Companies
$156 billion
2003
Time-weighted rate of return
calculation:
Asset weighted return of the individual portfolios
Multi-currency:
No
PolarisTM
FINANCIAL NAVIGATOR, INC.
275 Saratoga Avenue, Suite 260
Santa Clara, CA, 95050
Phone:
1 800 468 3636
Email:
[email protected]
Web:
finnav.com
1983
500+
Target industry:
Family Offices, CPA firms, Trusts, Estates, and Foundations.
Over $1 billion
1983
Polaris allows you to calculate investment return (Time Weighted and Money
Weighted) for the portfolio based on the underlying transactions. Performance
reports calculate the Money Weighted Return (MWR or IRR) using Average
Capital Base and Discounted Cash Flow.
Performance history or comparative performance reports calculate TimeWeighted Returns (TWR) by linking monthly IRRs
calculation:
Composite returns are calculated using the same TWR methodology that is used
for Portfolio Returns.
Multi-currency:
Yes
Portfolio Analysis
FACTSET
601 Merritt 7, 3rd Floor
Norwalk, CT 06851
Phone:
Email:
Web:
1 203 810 1000
[email protected]
www.factset.com
1978
500+
Target industry:
More than $250 Billion
1995
Performance is calculated using daily portfolio holdings and/or transactions.
Transaction based returns can be calculated using one of five different
calculation methodologies. Returns are calculated and displayed at the security,
group, and total portfolio levels.
calculation:
The same method for calculating performance at the account/portfolio level is
also used to calculate composite level performance. Composites for GIPS®
compliance purposes utilize beginning market value weighting.
Multi-currency:
Yes
Portfolio Pathway Performance Reporting
PORTFOLIO PATHWAY, LLC
200 E. 5th Avenue, Suite 106
Naperville, IL 60563
Phone:
Email:
Web:
1 800 970 9080
[email protected]
www.portfoliopathway.com
2007
50 to less than 100
Target industry:
RIA's, Broker/Dealers
2007
To calculate time-weighted rate of return, Portfolio Pathway provides daily
portfolio valuations at the account, client group, household and composite levels
whenever an external cash flow occurs. Months in which external cash flows occur
are divided into sub-periods, each with its own total return calculation. These
periods are then geometrically linked together to obtain the true time-weighted
rate of return over the measurement period.
calculation:
Composite performance is calculated the same as a portfolio with the addition of
enrollment history to track when an account's return is included in the composite
return.
Multi-currency:
No
StatPro Revolution
STATPRO GROUP PLC
Mansel Court, Mansel Road
Wimbledon, London SW19 4AA
Phone:
Email:
Web:
+44 (0) 20 8410 9876
[email protected]
www.statpro.com
1994
Target industry:
Asset Managers, Private banks, Fund Administrators, Custodians
2011
StatPro Revolution supports both Transaction based and holdings based return
methodologies. For the former, transaction timing can be specified at portfolio
and transaction type levels, and specific treatment for abnormal returns (due to
large cash flows or buy-ins, sell-outs of securities) is available. StatPro Revolution
also supports the concept of both external return and an internal return
calculation. The external return will be calculated using total portfolio (or share
class) valuations and transactions while the internal return will equal the roll up
of portfolio holdings and transactions. Both Net and Gross of Fee returns are
calculated, and additional gross return types can also include specific types of
fees/taxes. True time weighted returns are calculated if daily portfolio valuations
are supplied or the Modified Dietz formula in cases where daily data cannot be
supplied. StatPro Revolution also calculates the Internal Rate of Return (IRR).
calculation:
Asset weighted and equal weighted composite calculation is supported. Gross
account returns are weighted by the market value at the beginning of the period
and converted into the currency of the composite for the asset weighted
calculation. The equal weighted composite return calculation is based on equal
weights of the underlying account returns.
Multi-currency:
Yes
Unity Performance & Analytics
CONFLUENCE
600 River Avenue
Pittsburgh, PA 15212
Phone:
Email:
Web:
1 412 802 8632
[email protected]
www.confluence.com
1991
100 to less than 250, including eight of the top 10 global asset managers and
seven of the top 10 global service providers.
Target industry:
Institutional Asset Managers, Mutual Funds, Hedge Funds, Foundations,
Endowments, Third Party Administrators
More than $1 trillion
The first Unity Performance & Analytics client was implemented in 1999
Confluence Unity® Performance & Analytics calculates performance returns at
any level from security to total account/portfolio, at any interval, as frequently as
daily. The system includes a library of more than 800 functions that may be
combined to create new functions or calculations. Standard return
methodologies include time-weighted returns (TWR), internal rate of return
(IRR), money-weighted return (MWR), price return, accounting returns, local and
reporting/base currency returns, hedge returns, gross/net of fees and after-tax.
calculation:
Unity® Performance & Analytics allows users to create composites manually or
dynamically using a combination of extensive rules. The same calculations for the
account/portfolio level returns described above are also used to calculate
composite level performance returns. Asset weighting and equal weighting
composite calculation methods are supported. If desired, clients may import
returns calculated elsewhere for the purposes of GIPS-compliant composite
reporting.
Multi-currency:
Yes
VICAP: Composite Management Solution
OPTURO, INC.
50 Congress Street, Suite 1022
Boston, MA 02109
Phone:
Email:
Web:
1 800 695 2370
[email protected]
www.opturo.com
2008
20 or fewer
Target industry:
RIA's, Mutual Funds, Private Funds, Banks.
2009
When running a composite report, a user may choose to input pre-calculated net
of fee and gross of fee returns, or alternatively have VICAP compute net of fee
return from gross of fees. The exact formula use is available upon request.
calculation:
To compute the composite return for a given period, the account-level returns
must be rolled up. This is done using a weighted average, where the weights are
determined by the beginning market values of each account. The precise formula
is available upon request. When creating a composite report, the user can also
choose to produce the 3-year annualized trailing return of each composite, or in
fact any number of trailing years (1-year, 2-year, 5-year, etc.)
Opturo's Performance & Attribution software supports transaction based daily
attribution. Opturo's Performance & Attribution engine supports both arithmetic
attribution and geometric attribution both of which are documented thoroughly
and can be provided upon request.
Multi-currency:
Yes
WealthSite Reporting
WEALTHSITE, INC.
1400 N. North Park Avenue, Suite C
Chicago, IL 60610
Phone:
Email:
Web:
1 603 601 6909
[email protected]
www.wealthsite.com
2006
20 or fewer
Target industry:
Financial
$10 billion
2007
Performance is calculated using the Daily Time-Weighted Return (TWR)
method, which divides Profit by Capital Base for each daily period and then
compounds the daily returns to create multi-period returns for any time period.
Profit and Capital Base are summed from the security/holding level to calculate
TWR for higher-level groupings (sector, industry group, sub asset class, asset
class, account, composite, entity, portfolio, firm, custom groupings etc.). WSI’s
Capital Base calculation considers transaction and security type to determine
whether transactional flows are treated as beginning-of-day or end-of-day
events. TWR can be calculated on-the-fly based on up-to-the-moment database
updates or based on locked-away periodic returns. TWR may be presented Gross
of Fees, Net of Fees, or After-Tax. WSI’s After-Tax TWR calculation applies client
and entity-specific federal, state, and local tax rate assumptions to each
transaction to calculate and apply daily tax liability.
calculation:
WealthSite provides tools related to presenting results per GIPS standards.
Composite-level performance is calculated using the Daily Time-Weighted
Return (TWR) method and is based on composite-specific inclusion rules. Entry
and Exit rules can be flexibly designed. Reports include Composite Dispersion,
GIPS Audit, and other reports that prove out the presentation calculations.
Attribution Methodology:
Performance attribution calculations include measures of multi-period
contribution of any segment toward the total portfolio return using the
logarithmic method and are based on daily capital base and profit calculations.
Custom performance reports are available to analyze the contribution of any
security or segment to higher-level segments or the overall portfolio.
Performance Attribution segments are flexible based on any hierarchy level or
security attribute stored in the database.
ABOUT ASHLAND PARTNERS
Ashland Partners & Company LLP is a PCAOB registered CPA firm founded in 1992 by Mel Ashland with the sole
vision of providing performance attestation services to the investment management community. More than
twenty years later, Mel Ashland’s vision has remained and our firm enjoys an ever-growing presence in the
marketplace. With over 850 clients in 25 countries and offices in Oregon, New York, Boston, Chicago, Denver,
Shanghai, Tokyo, and Seoul, Ashland Partners is a leading service provider in a growing marketplace.
Pre-Verification Services  Firm-wide GIPS® Verification  Performance Examinations
Strategy Examinations  Model Examinations
SSAE no. 16 Examinations  Surprise Custody Examinations  Fund Audits  Tax Services
Cyber Security Consulting  QPAM Audits
1.541.857.8800

2016 Investment Performance Software Directory

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