GIPS

Such problem of civilized market of asset management as a unified system of asset management representation is still not solved in Russia. In this situation every asset management, investment company or bank use its own system of yield calculation in asset management dealership. The result of management used and published by different managers, and first of all yield, couldn’t be compared. Before choosing the company an investor can’t compare work of companies by management effectiveness that is one of the most important indices. It is noteworthy that a professional community realizes the problems connected with publishing of information about asset management results and aspires to most transparency and fair competition.

The National Rating Agency convoked an expert committee and an ad hoc group for solution of the yield calculation problem in asset management on stock market. It includes representatives of many large companies operating on Russia market and employees of large companies of asset management market. They found the solution and elaborated standards satisfying the requirements of Russian legislation that will be quite timely for home market of asset management. These standards meet the FSRF requirements and are based on GIPS system that is universal and can successfully adapt to for most transparency of work on home market. “Alliance ROSNO asset management” is a first Russian company using this system of asset management effectiveness rating.

According to the ad hoc group member’s consideration at this juncture of development the market of asset management services will benefit from the application of estimation standards of management’s activity effectiveness that meets to GIPS system and the new systems of companies’ activity will be quite opportune. This year the “Renaissance Capital Asset Management” is a next company that is planning to introduce into practice a GIPS estimation system.

In addition to the adaptation to the GIPS standards the ad hoc group has developed a system of the different management’s activity estimation allowed to arrange periodical statictics (rankings) of the asset managements’ activity results. It is based on using the international GIPS standards. The “National Rating Agency” has been planning to arrange and publish these rankings periodically.

The ad hoc group includes representatives of the following companies:

“Alliance ROSNO Asset Management”, “Renaissance Capital”, “United Financial Group INVEST”, “Capital”, “Aton-Management”, “Troyka-Dialog”, “CIT Finance”, Group of managing companies of Bank of Moscow, “Pythagore”, “Region Asset Management”, “Analytical Centre”, “ZERICH”, “NBK”, “Spectrum Capital”, «Veles Capital”, «Orion», “National”, “Rosbank Asset Management”, Marillion Group, CBONDS.