GIPS SMA问题 includes, business, intended, present, purpose

prashantsahni

条款中有这么一条说明
  
When firm present composite performance that includes only that sponsor’s wrap fee/SMA portfolios
a.   Name of the wrap fee/SMA sponsor
b.   If the sponsor-specific composite complaint presentation is intended for the purpose of generating wrap fee/SMA business and does not include performance net of the entire wrap fee, the compliant presentation must disclose that the named sponsor-specific compliant presentation is only for the use of the named wrap fee/SMA sponsor

不是很理解，望老师能解释一下这条指得是哪类场景，在什么情况下无需披露performance，辛苦～