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Handley Asset Management (HAM), an investment management firm founded in 2000, manages wrap and other non-wrap accounts. HAM is preparing a wrap fee presentation for its small-cap value composite. The performance results in the presentation date back to 2002; however, the firm began including wrap fee portfolios in the composite in 2006. Which of the following statements is most accurate? A. HAM’s presentation is compliant with GIPS as is and no change or disclosure is required. B. To be compliant with GIPS, HAM must exclude the wrap fee portfolios from its presentation results. C. To be compliant with GIPS, HAM must disclose each period when an actual wrap fee portfolio was not in the composite being identified. |