simple GIPS question (hopefully)
Standard 3.A.1 All actual, fee-paying, discretionary portfolios must be included in at least one composite.
Fair enough. Then:
Standard 3.A.9 If a firm sets a minimum asset level for portfolios in a composite, the minimum must be applied consistently.
So what happens if the firm has a handful of really small accounts which are fee-paying and discretionary, but unsuitable based on size for any of the composites? Must the firm establish another set of composites to accommodate the small accounts? |