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GIPS must be applied on firm wide basis, but that does mean you can assume subsidiaries are GIPS compliant as well

'In order for an investment firm to claim GIPS compliance, GIPS must be applied on a firmwide basis. If the parent company is GIPS compliant, this does not automatically mean the divisions or subsidiaries are compliant. A division or subsidiary of a company would also have to comply with GIPS to be able to claim compliance. If an investment firm, subsidiary, or division is held out to clients or potential clients as a distinct business unit it can claim GIPS compliance even if the parent company is not compliant'

I happen to be reading the GIPS section right now.

I take this to mean that a FIRM (defined as a distinct business unit, held out to clients (say, under a specific brand name)) is the key.

A parent company that defines itself as a FIRM may be in compliance, but a recent acquisition that it has made, that maintains a separate brand, funds and infrastructure, may not.

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seems about right. the whole 'firm wide basis' can be misleading. we have to remember that firm wide consitutes biz entity held out to clients

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Yeah I remember that first part "must define the firm, only an investment management company can claim GIPS compliance"

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A subsidiary of the firm can claim GIPS compliance if it advertises itself as a distinct business entity/unit.

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