MUMBAI: SBIFMPL, a Joint Venture between State Bank of India (“SBI”), India’s largest bank, and Amundi, Europe’s largest asset manager and one of the world’s leading asset management companies, announced today that its mutual funds, portfolio management services and alternate investments funds (GIPS Firm) claim compliance with GIPS and has been independently verified by ACA Performance Services, LLC (“ACA”) for the period of April 1, 2014 through March 31, 2019.
GIPS is a set of standardized, industry-wide ethical principles that guide investment firms on how to calculate and present their investment performance to prospective clients. Although the adoption of GIPS is not mandated by regulation, it is considered best practice for investment advisors. The GIPS standards are currently adopted in 41 countries and are recognized around the world for their credibility, integrity, scope, uniformity, and enabling direct comparability of a firm’s track record. Firms that claim GIPS compliance adhere to all applicable requirements of the GIPS standards but do so through an ethical commitment to best practices.
“SBIFMPL believes in its values STAKE that stand for Service, Transparency, Accountability, Knowledge, Ethics. The direction of becoming a GIPS compliant entity is a step towards abiding by our belief in the values” said Mr. Ashwani Bhatia, Managing Director & Chief Executive Officer at SBIFMPL. “GIPS is a standard formulated by the prestigious CFA Institute and is a platform that recognizes highest level of ethical reporting. We were the first mutual fund in India to adopt to CFA Institute’s Asset Manager Code of Conduct and now compliance of GIPS reflect our commitment to highest standard of ethics and professional conduct.” said Mr. Navneet Munot, Executive Director and Chief Investment Officer at SBIFMPL.
