UBL Fund Managers, Pakistan's leading Asset Management Company and a wholly owned subsidiary of United Bank Limited (UBL), has announced adoption of the Global Investment Performance Standards (GIPS) for its funds' performance reporting. Pakistan is amongst 30 countries in the world to adopt GIPS, and UBL Fund Managers is the first Asset Management Company in Pakistan to implement GIPS compliant reporting standards.
Developed by the CFA Institute headquartered in USA, GIPS are a set of ethical standards for the calculation and presentation of investment performance designed to ensure fair representation and full disclosure of a fund manager's performance information. GIPS provide an ethical foundation and self-regulated means to communicate performance figures to prospective and current clients so that they can make informed investment decisions.
Mir Muhammad Ali, CFA, CEO of UBL Fund Managers commented that "UBL Funds is proud to be the first asset management company in Pakistan to adopt Global Investment Performance Standards (GIPS) in the mutual funds industry". He also added that "Performance reporting has been one of the biggest concerns of institutional investors in Pakistan. GIPS compliant reporting will provide clients with a clear and transparent picture about the performance of their fund managers that is in line with internationally accepted standards". UBL Fund Managers' GIPS compliant reports for funds under management are available at the company's website (www.UBLFunds.com) for both existing and prospective clients.-PR