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GLOSSARY

Global Investment Performance Standards definition

Published by a LexisNexis Pensions expert

What does Global Investment Performance Standards mean?

This is an American system of measuring investment performance that is gaining credence in the UK, especially as multinationals seek to compare the performance of their pension funds.

GIPS were introduced by a US organisation, the Association for Investment Management and Research, and modified versions are now being adopted by the UK and other countries (especially Germany, Australia and Switzerland). GIPS allow measurement in one country to be recognised for accounting purposes in another country.

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Fiduciary management for pension schemes

Fiduciary management for pension schemes This Practice Note looks at the nature of fiduciary management services for occupational pension schemes, including (among other things) the different types and who provides them, the rationale for and potential challenges to using them, considerations for pension scheme trustees when appointing a fiduciary manager, and how fiduciary management works in practice. For further information on the requirements imposed by the Competition and Markets Authority (CMA) and the Department for Work and Pensions on trustees of occupational pension schemes relating to the appointment of investment consultants and fiduciary managers, see Practice Note: Appointing investment consultants and fiduciary managers—the pensions requirements. What is fiduciary management? Fiduciary management in its earliest form originated in the Netherlands in the 1990s, with the first UK mandate implemented in the early 2000s. In the UK, fiduciary management services are prominently used by defined benefit (DB) schemes, although there is some limited use by defined contribution (DC) schemes. Traditionally, advice provided to trustees on investment strategy and the...

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