标题: GIPS_Fees and Expenses [打印本页] 作者: JRossSter 时间: 2013-4-1 14:33 标题: GIPS_Fees and Expenses
1. “Returns must be reduced by the entire bundled fee that includes the direct trading fee… when calculating gross-of-fee returns” So is this requirement applied to both gross-of-fee return and net-of-fee return?
2. Indirect trading trading expenses and custody fees are not reduced when calculating returns? Is that correct?
Thank you作者: jarobi04 时间: 2013-4-1 14:33
1 - Yes. Net-of-fee returns are gross-of-fee returns minus asset mgmt fees.
2 - Custody fees are not included. Only actual trading expenses are decucted.作者: strikethree 时间: 2013-4-1 14:33
I have an additional source of confusion id like to tack on to this thread:
1.) GIPS lets you use either gross or net, gross is “Recommended”
2.) It appears the asset manager code requires both?
Is this correct?作者: kkn006 时间: 2013-4-1 14:33
About (1), Schwerser book 5 P.190 says:” When calculating gross-of-fee return, returns must be reduced by the entire bundled fee that includes direct trading expenses”
So why do we have to deduct bundled fee to come up with Gross-of-fee returns? I think net-of-fee returns would make more sense.作者: fishmarket 时间: 2013-4-1 14:33
Gross-of-fee returns do not include the inv mgmt fees.
