Question:

According the GIPS standards, for periods beginning on or after 1 January 2011, the aggregate fair value of total firm assets most likely includes all: 
A. fee-paying discretionary accounts. 
B. fee- and non-fee-paying discretionary accounts. 
C. fee- and non-fee-paying discretionary and non-discretionary accounts. 

Answer = C 
For periods beginning on or after 1 January 2011, total firm assets must include the aggregate fair value of all discretionary and non-discretionary assets managed by the firm. This includes both feepaying and non-fee-paying portfolios.

CFA Level I
"Global Investment Performance Standards (GIPS)"
GIPS Requirement 0.A.13

 

 

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