CFA CFA Level 3 GIPS Gross-of-fees and Net-of-fees

GIPS Gross-of-fees and Net-of-fees

  • This topic has 1 reply, 1 voice, and was last updated Oct-17 by Ying.
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    • Ying
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      Hi everybody,
      I’m so confused with all different requirements and recommendations for presentation of fees regarding to regular investment, Real estate, and Private Equity.
      Can any of you provide a summary?
      Thank a lot!

    • Ying
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      I have found someone else’s summary, but still have a few doubts (underlined). Can somebody please help me clarify? Thanks!

      Fees

      GIPS: gross (but net recommended)

      Real Estate: gross or net (but deduct transaction fees for both)

      Real Estate Closed End Fund: net (but deduct transaction fees)

      Private Equity: gross and net (but deduct transaction fees for both)

      Private Equity FOF: gross of investment management fees but net of partnership/fund/expense fees & carried int) (Isn’t carried int part of investment management fees?)

      SMA: net of entire bundled/wrap fee (unless direct trading expenses can be identified)

      AMC: gross and net (like Private Equity)

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