Santander Asset Management has launched a project to obtain the Global Investment Performance Standards (GIPS) verification on all its subsidiaries in different countries.
Santander Asset Management Spain, which gained GIPS verification at the end of 2014, has been GIPS compliant since 2004, both for investment funds and pension plans.
Along with Mercer, the verifier since 2013, Santander Asset Management is to undertake an adaptation of its performance reporting methodology in each of the countries to be compatible with the standards required by “CFA Institute” to obtain one GIPS verification.
The GIPS verification aims at guaranteeing a fund manager’s ethical standards in terms of fair representation and full disclosure of performance.
In the first phase, during 2015, UK, Mexico, Luxembourg and Portugal will be verified. Later, in 2016, it will continue with the verification of Brazil, Argentina, Poland and Puerto Rico.
“With this project, we are convinced of the added value that the verification will bring to us, positioning Santander Asset Management at the highest level of recognition for transparency and quality in performance reporting”, noted Nicolas Berenguer, GIPS Compliance Manager.
“Mercer is a pleased to bring in our expertise in GIPS verification in this project that combines the prestige of the GIPS standards and global leadership position and transparency of Santander Asset Management. We think it is an initiative that could set a trend in the industry”, said Ignasi Puigdollers, partner at Mercer.