GIPS Compliance Engine (ACE)

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More about ACE key features:

Consistency of Data:
ACE has extensive editing capabilities to insure that data is complete and accurate. Portfolio and benchmark returns can be loaded to the system via interface files, spreadsheets, or customized ETL routines which access external data bases. In addition, returns can be entered directly using ACE’s online screens. Once entered, data can be screened for completeness and peer reasonability as well as enhanced by "grossing up" net returns and market values or "netting" gross returns and market values according to a client defined expense matrix. Gross-to-net functions can be applied at the portfolio or composite level. All data in ACE is scaled to the client’s desired level of precision. This can be adjusted for presentation and reporting.

Calculation Methodology:
ACE assumes that returns have been calculated consistently, uniformly and according to acceptable standards. However, it is recognized that certain circumstances can arise that cause performance systems to generate inaccurate results (e.g. start up portfolios or large events). Therefore, ACE allows the recalculation of returns at the portfolio level by providing a partial period return calculator or a recalculation of a fund’s return by using beginning and ending NAV. (Note: any non-automated data management function such as modifying a return, market value, etc. is logged on ACE’s internal audit log and may need to be documented.)

Composite Construction:
ACE establishes the mapping of portfolios to composites by using its Strategy table. This table identifies each strategy which places a portfolio into a unique group of composites. A portfolio can only have one strategy per period (normally monthly). A strategy can be mapped to any number of composites but once defined, stays fixed. If a new mapping is required, a new strategy is defined. After all portfolios are given a strategy for each period, composite returns are created for each period and historical returns are created. ACE creates both asset-weighted and equal-weighted returns along with all appropriate risk factors such as standard deviation, information ratio, tracking error, etc.

Standard or Custom Benchmarks:
ACE supports both standard market and custom benchmarks. Benchmarks can be loaded into the system via files or input directly. If custom benchmarks are used, a client defined matrix is used to automatically create custom benchmarks.

Disclosure Composition:
ACE allows the free-form entry of disclosures that may need to be included in presentations or standard GIPS reports. Disclosures are entered into a specialized data base and coded by number. Disclosures can then be associated with any composite or benchmark by using ACE’s online entry screens.

Compliance and Portfolio Reporting:
ACE provides a myriad of reports and file export capabilities. In addition to "standard" GIPS reports, many customized reports can be created for either composites or portfolios for use in presentations or responding to RFP's. All reports and files can be prepared using any standard format including: XML, HTML, Adobe, CSV, and Excel.

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