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Normas
Internacionales
sobre Rendimientos
de Inversión (GIPS®)
Erick Morales, CIPM
Director de Servicios Regulatorios
Administración de Riesgos Financieros de
KPMG en México
Julio 2015
“Normas Internacionales
sobre Rendimientos de
Inversión GIPS®”
“El contenido y opiniones expresadas en este documento son a título personal
del expositor/instructor y no necesariamente representan el punto de vista,
opinión, asesoría u ofrecimiento de servicios de KPMG International
Cooperative –una entidad suiza—ni de sus firmas miembro afiliadas.”
Por qué necesitamos estándares?
Evitar el uso selectivo de cuentas (“Cherry picking”).
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
-2.00%
-4.00%
dic-10
mar-11
jun-11
Índice de Referencia
© 2015 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent
firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to
obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to
obligate or bind any member firm. All rights reserved.
sep-11
dic-11
mar-12
jun-12
Administrador de Inversiones
sep-12
Por qué necesitamos estándares?
Evitar el uso selectivo de periodos de tiempo (“Cherry picking”).
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
-2.00%
-4.00%
dic-10
mar-11
jun-11
Índice de Referencia
© 2015 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent
firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to
obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to
obligate or bind any member firm. All rights reserved.
sep-11
dic-11
mar-12
jun-12
Administrador de Inversiones
sep-12
Por qué necesitamos estándares?
Evitar combinar rendimientos de productos diferentes para mejorar el desempeño
de la Entidad.
8.00%
6.00%
4.00%
Portafolio Balanceado
50% Deuda
50% Rv
2.00%
0.00%
-2.00%
-4.00%
dic-10
Fondo de Deuda
mar-11
jun-11
Índice de Referencia
sep-11
dic-11
jun-12
Administrador de Inversiones
10.00%
10.00%
8.00%
8.00%
6.00%
6.00%
4.00%
4.00%
2.00%
2.00%
0.00%
0.00%
-2.00%
-2.00%
-4.00%
-4.00%
© 2015 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent
firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to
obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to
obligate or bind any member firm. All rights reserved.
mar-12
sep-12
Fondo de Renta Variable
Global Investment Performance Standards
(GIPS®)
¿Qué son las Normas Internacionales sobre Rendimientos de Inversión
(GIPS)?
 Son principios éticos para lograr una revelación de información
completa y presentación leal del desempeño de inversiones.
Pasaporte Global
© 2015 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent
firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to
obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to
obligate or bind any member firm. All rights reserved.
GIPS en el mundo
Países que han adoptado GIPS
Países con interés en adoptar GIPS
© 2015 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent
firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to
obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to
obligate or bind any member firm. All rights reserved.
Global Investment Performance Standards
(GIPS®)
¿Cuáles son los objetivos de GIPS?
 Obtener aceptación global de estándares para el cálculo y
presentación de rendimientos.
 Promover una competencia justa entre los administradores de
inversiones.
 Promover una auto regulación de industria a nivel global.
© 2015 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent
firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to
obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to
obligate or bind any member firm. All rights reserved.
¿A quién beneficia?
Clientes ó futuros clientes.
 Inversionistas
• Inversionistas de Alto Patrimonio (High net-worth).
• Planes de Pensiones.
• Pequeños inversionistas individuales o en Fondos Mutuos.
© 2015 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent
firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to
obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to
obligate or bind any member firm. All rights reserved.
¿Por qué los Clientes deberían pedirlos?
 Los futuros Clientes (y actuales) pueden confiar en la integridad de las
presentaciones de desempeño así como en los procesos generales de una
entidad adherida.
 Poder distinguir entre los Administradores de Inversiones.
 Comparar de manera estándar entre los que cumplen con GIPS.
 La Entidad en la que invierto actualmente:
 Sigue estándares Éticos?
 Cómo son sus controles internos?
 Estará capacitado para realizar adecuadamente inversiones?.
© 2015 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent
firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to
obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to
obligate or bind any member firm. All rights reserved.
¿A quién beneficia?
 Administradores de Inversiones y Otros Intermediarios
• Fondos Mutuos.
• Administradores tradicionales de inversiones.
• Administradores en inversiones alternativas
privado, bienes raíces).
• Asesores de Inversión.
© 2015 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent
firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to
obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to
obligate or bind any member firm. All rights reserved.
(Hedge funds, fondos de capital
¿Por qué los administradores deberían de cumplirlos?
 Generar Confianza. El cumplimiento es voluntario, por lo que va más allá de lo
regulatorio, demostrando el compromiso, honestidad y los principios éticos de
quien los adopta.
 Control Interno
 Mejorar Eficiencia.
 Mejorar Calidad en la información.
 Control de riesgos.
 Una Ventaja en Publicidad sobre competidores.
 Captación de recursos Internacionales buscando administradores locales.
© 2015 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent
firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to
obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to
obligate or bind any member firm. All rights reserved.
¿A quién beneficia?
Otros Participantes del Mercado
 Reguladores
 Órganos de Control Interno
© 2015 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent
firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to
obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to
obligate or bind any member firm. All rights reserved.
Temas principales de las normas GIPS.
Principios de
Cumplimiento
Información
requerida
Presentaciones
y Reportes
GIPS
Full Disclosure /
Fair
Representation
Revelación de
Información
RE
PE
Metodología de
Cálculo
Creación de
Portafolios
SM
A
© 2015 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent
firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to
obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to
obligate or bind any member firm. All rights reserved.
Estructura Corporativa
© 2015 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent
firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to
obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to
obligate or bind any member firm. All rights reserved.
Erick Morales, CIPM
Gracias
Director de Servicios
Regulatorios
Administración de Riesgo
Financiero de KPMG en México
[email protected]
www.kpmg.com.mx
01800 292 KPMG
September 2012
© 2015 KPMG Cárdenas Dosal, S.C. la firma Mexicana miembro de la red de firmas
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International”), una entidad suiza. Blvd. Manuel Ávila Camacho 176, México, 11650, D.F.
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