The 2020 GIPS Standards mountain road journey

The 2020 GIPS® Standards

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CFA Institute recently released the 2020 Global Investment Performance Standards (GIPS®) on June 28, 2019. The newest version represents the most significant changes since the 2010 edition of the GIPS standards went into effect on January 1, 2011. The updated GIPS standards are based on industry best practice and input received during the public comment period.


The effective date of the 2020 GIPS standards was January 1, 2020. Firms are encouraged to early adopt at any time but must comply with all provisions of the 2020 GIPS standards. Firms will effectively “flip a switch” when choosing when to comply with the 2020 GIPS standards.

GIPS Compliance by the Numbers

ACA and eVestment 2018 Manager and Consultant Survey


of consultants expect to require alternative asset managers to comply with the GIPS standards


of consultants/investors believe more pension funds, foundations, endowments and other asset owners will claim compliance with the 2020 GIPS standards


of consultants/investors exclude managers from searches some or all of the time if they do not claim GIPS compliance


of alternative asset managers expect to see the industry start voluntarily complying with the GIPS standards

2020 GIPS Compliance Gap Analysis

The 2020 GIPS Compliance Gap Analysis can assist you in assessing the impact of the 2020 GIPS standards for your GIPS-defined firm. ACA will gain an understanding of the current state of your GIPS compliance program through on-site interviews and a review of materials. ACA will then conduct the gap analysis by identifying each proposed change that will impact your firm and the effort required to meet the new 2020 requirements. Each gap analysis can be highly customized based on the firm. The 2020 GIPS Compliance Gap Analysis results in a summary report and project plan that will assist the firm in implementing the new changes in a seamless and efficient manner. 


For more information on the 2020 GIPS Compliance Gap Analysis, please fill out our contact form or call Christie Dillard at +1 (866) 279-0750.

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Thought Leadership

Compliance is Easier Than You Think: Challenges and Solutions for Hedge Fund Managers Considering the GIPS Standards

As more assets have been allocated to alternative investments, and as regulatory scrutiny has dramatically increased, hedge fund managers are increasingly embracing the GIPS standards.

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The CCO's Guide to the GIPS Standards: Essentials for Understanding and Mitigating Risk

As adoption of the GIPS standards has grown over the years, ACA has seen compliance personnel take a much deeper interest in ensuring their firms meet every requirement.

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The 2020 GIPS Standards: Explanation of the Provisions for Firms – Section 2

Section 2 of the Explanation of the Provisions focuses on clarifying the input data and calculation methodology requirements to be compliant with the 2020 GIPS standards.

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The 2020 GIPS Standards: Explanation of the Provisions for Firms – Sections 1 and 3

Since the release of the 2020 GIPS standards, the investment community has been anxiously awaiting the arrival of what was formerly known as the GIPS Handbook. The following is an overview of some of the most significant changes discussed in Sections 1 and 3 of the Explanation of the Provisions for Firms.

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Are Private Markets Managers Moving Towards GIPS Compliance?

Alternative investment strategies are seeing record inflows as investors look for higher yields in a low interest rate environment. In turn, there is an increased number of private fund managers and thus, more competition. In seeking a competitive edge, many alternative investment managers will benefit from the enhancements that the 2020 GIPS standards provide, leading to increased rates of adoption in the sector.

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OCIOs look to the GIPS standards to provide greater performance transparency

OCIOs are facing the same market pressure to adhere to industry-recognized standards as asset managers – including even claiming GIPS compliance. The 2010 GIPS standards were designed without OCIOs in mind. However, with the newly released 2020 GIPS standards, the needs of this sector are being addressed to make the path to compliance clearer.

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$1 Billion Credit Mandate Seeking GIPS-Compliant Managers Leads to Increased Demand for GIPS Compliance in the Credit Space

New York State Insurance Fund (“NYSIF”) released an RFP seeking managers for up to $1 billion to be distributed across high yield corporate bonds, bank loans, CLOs, or some combination of all three asset classes. One of the minimum requirements in the RFP is that the firm have “a minimum of five years of verifiable GIPS-compliant performance history actively managing the proposed product for institutional clients.”

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The 2020 GIPS Standards: Top Changes You Need to Know

The goal of the 2020 GIPS standards is universal adoption, acceptance, and support around the world. The recent changes attempt to accomplish this by allowing more applicability and flexibility for asset managers and asset owners alike. "The 2020 GIPS Standards: Top Changes You Need to Know" highlights a few of the initial key takeaways.

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The 2020 GIPS Standards: Opening Doors for Alternative Managers

Given the lack of standardization of investment reporting in the alternative manager universe, and the new, more flexible structure of the GIPS standards, we see adoption of the GIPS standards as a very real possibility for many alternative managers that may have never considered doing so.

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SEC Charges Investment Adviser in Connection with $105 Million Securities Fraud

On Tuesday, August 27, 2019, the U.S. Securities and Exchange Commission ("SEC") announced it had brought charges against an investment adviser in connection with a $105 million securities fraud in Pennsylvania. This enforcement action is the latest example of a market segment that is in need of greater transparency and better controls around performance reporting.

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Performance Considerations - Mergers & Acquisitions and Changes to the Firm Definition

Please join ACA for a complimentary webcast discussing the challenges of both mergers and acquisitions and firm re-definitions including how and when to define the new firm, merging policy manuals and different methodologies, identifying surviving composites, and the standardization of branding, marketing materials, and distribution of performance.

On Demand

The 2020 GIPS Standards: Key Takeaways from the Explanation of the Provisions for Firms - Sections 1 and 3

Please join ACA for a complimentary webcast discussing the key takeaways from the Explanation of Provisions from Sections 1 and 3. Don’t miss this opportunity to discover hidden requirements and hear explanations of how to effectively comply with the 2020 GIPS standards.

On Demand

Practical Guidance: The 2020 GIPS Standards for Asset Owners

Tune in for a complimentary webcast focused on the 2020 GIPS standards specific to asset owners. During this webcast, ACA Performance Services discusses common industry misconceptions related to achieving GIPS compliance along with solutions for effective implementation of a compliant program.

On Demand

The 2020 GIPS Standards Live Q&A

Tune in with ACA Performance Services for a Q&A style discussion offering unique perspectives to frequently asked questions about the 2020 GIPS standards.

On Demand

The GIPS Standards: Are You Ready for 2020?

Ready to get a jump start on how the 2020 GIPS Standards may impact your firm? ACA Performance Services highlights the material changes to the GIPS standards, including how the final version compares to the 2020 GIPS Standards Exposure Draft.

On Demand