Author:

Carl Bacon
Chief Advisor, Confluence Technologies

Did we really just attend the 29th GIPS^® conference?

First things first—29 conferences? The GIPS^®️ standards launched in 1999, so maybe we’re counting AIMR-PPS events from the mid-90s. But let’s move past the trivia—the real story is how far we’ve come and where we’re headed.

GIPS: From niche to global benchmark

This isn’t just a compliance checkbox—it’s a competitive advantage. The top five markets dominate because they have strong local committees driving adoption. Lesson learned: standards don’t thrive on rules alone—they need relentless advocacy.

The elephant in the room: Illiquid assets

The 2024 Asset Owner Survey revealed a gap that should make us pause:

New guidance: More than just dates

Yes, we got updates—OCIO portfolios, verifier independence, FMP composites—but here’s the real takeaway: regulators are watching. Compliance isn’t optional; it’s becoming systemic.

New GIPS Standards Guidance include the following:

SEC marketing rule: The silent game-changer

The SEC’s enforcement priorities stole the spotlight. Forget performance claims—every number in your marketing is now fair game. AI and ESG statements? Substantiate them. Market sizing, employee growth? Show your math.

Tools and Resources

In terms of tools and resources, the conference reported on the 2024 Asset Owner Performance Survey Report. I recommend seeking out this survey on the GIPS website but key takeaways are:

93% have some level of familiarity with the GIPS standards.

31% claim compliance with GIPS standards

9% plan to claim compliance.

68% require or ask about GIPS compliance when selecting external managers of liquid asset classers

19% require external managers of liquid assets to claim compliance

8% require external managers of illiquid assets to claim compliance.

56% provide only TWRs for total funds to oversight bodies.

42% provide both TWRs and MWRs for total funds to oversight bodies.

What this means for you

The mood at the conference shifted. When GIPS^® 2020 launched, firms begged for a pause. Now? Delegates want progress. That’s good—but evolution without education is risky.

Final thought

The GIPS^® standards aren’t just about performance—they’re about trust. In a world where AI hype and ESG claims dominate headlines, substantiation is king. Conferences like this remind us that transparency isn’t static—it evolves. The question is: will you?

About Confluence

Confluence is a global leader in enterprise data and software solutions for regulatory, analytics, and investor communications. Our best-of-breed solutions make it easy and fast to create, share, and operationalize mission-critical reporting and actionable insights essential to the investment management industry. Trusted for over 30 years by the largest asset service providers, asset managers, asset owners, and investment consultants worldwide, our global team of regulatory and analytics experts delivers forward-looking innovations and market-leading solutions, adding efficiency, speed, and accuracy to everything we do. Headquartered in Pittsburgh, PA, with 700+ employees across North America, the United Kingdom, Europe, South Africa, and Australia, Confluence services over 1,000 clients in more than 40 countries.

For more information, visit confluence.com

GIPS^® is a registered trademark owned by CFA Institute