TSG

Just in case you missed it... Yesterday (March 19, 2025), the staff of the Division of Investment Management updated the SEC page "Marketing Compliance Frequently Asked Questions." Industry participants and performance professionals may find two items of particular interest—one being an entirely new FAQ response and the other an updated FAQ. The new FAQ addresses the subject of "Portfolio or Investment Characteristics" and the frequently discussed question of what is considered "performance" under the Marketing Rule. Quoting from the update: "Accordingly, the staff would not recommend enforcement action to the Commission under rule 206(4)-1(d)(1) if an adviser chooses to present in an advertisement one or more gross characteristics of a portfolio or investment, even if it does not include the corresponding net characteristic(s), if: 1. the gross characteristic is clearly identified as being calculated without the deduction of fees and expenses; 2. the characteristic is accompanied by a presentation of the total portfolio’s gross and net performance, consistent with the requirements of the rule; 3. the total portfolio’s gross and net performance is presented with at least equal prominence to, and in a manner designed to facilitate comparison with, the gross characteristic; 4. and the gross and net performance of the total portfolio is calculated over a period that includes the entire period over which the characteristic is calculated. The updated FAQ pertains to the topic of "Extracted Performance." We'll be sharing more on this soon, so stay tuned! As always, please note the following disclaimer from the "staff:" "These responses represent the views of the staff of the Division of Investment Management. They are not a rule, regulation, or statement of the Securities and Exchange Commission (the “Commission”). The Commission has neither approved nor disapproved these FAQs or the answers to these FAQs. The FAQs, like all staff guidance, have no legal force or effect: they do not alter or amend applicable law, and they create no new or additional obligations for any person." The SEC page can be found at: https://lnkd.in/exMcfnX7

Lá Fhéile Pádraig Faoi Mhaise Duit! Happy St. Patrick's Day to you!

Celebrating International Women's Day.

Navigating the Future of Performance Analytics Technology A Preview of a PMAR presentation with Alex Shafran, CFA; Ian Thompson; and Shankar Venkatraman CFA, FRM ? As performance professionals navigate an era of increasing complexity and automation, the evolution of performance analytics technology has never been more critical. In the upcoming PMAR conference session, our panel discuss their latest paper on how performance teams can maximize the value of technology in their operations. Their article in The Journal of Performance Measurement? (Summer 2024) explores key considerations for firms looking to evolve their performance systems, including: - Choosing the right operating model including in-house, outsourced, or hybrid solutions. - Leveraging automation and AI to enhance precision, efficiency, and data transparency. - Building the right skillset to stay ahead of technology advancements. - Optimizing vendor relationships and project management for seamless system transitions. Join us at PMAR to dive deeper into how firms can future proof their performance measurement processes and drive innovation in analytics technology. Don’t miss this insightful discussion on the next generation of performance systems. Interested in learning more? Visit the conference website here: https://lnkd.in/gHmYyGr6

To our Muslim clients, friends, and colleagues, may your faith be strengthened and your heart be filled with peace this Ramadan.

TSG celebrates the 108th meeting of the Performance Measurement Forum and 24th meeting of the Asset Owner Roundtable in Toronto this April 23-25, 2025 at the Delta Toronto. The Performance Measurement Forum and Asset Owner Roundtable are interactive networking and knowledge-sharing events where performance measurement professionals engage with industry leaders to explore key performance and risk topics, implementation strategies, and policy solutions that directly impact their roles and organizations. At these one-of-a-kind events, members have the opportunity to exchange insights, discuss management challenges, and gain practical solutions in an atmosphere designed for dialogue and collaboration. ?? Key Topics: ? Data Quality & Performance Reporting ? Performance on Private Assets ? Macro/Nested Attribution ? Strategic and Tactical Asset Allocation ? Currency Attribution ? AI in Finance ? Risk & Attribution Best Practices ?? Featured Speakers: ?? Carol Penhale, Rimes ?? Lindsey Beecroft, CFA, CDPQ ?? Damian Handzy, Confluence ?? Stephen Campisi, CFA, The Pensar Group ?? Alex Serman, CIPM, First Rate, Inc ?? Christine Iannacone, CIPM, Prudential ?? Todd Jankowski, CFA, CIPM, TSG ?? Michael Thom, CFA, CFA Societies Canada Want to learn more about this unparalleled learning and networking opportunity with global performance measurement experts? Visit TSG's Events Page: https://lnkd.in/eReTgcHG #PerformanceMeasurementForum #AssetOwnersRoundtable #RiskManagement #AIinFinance #InvestmentPerformance

We’re thrilled to announce Confluence as a Gold Sponsor for PMAR North America 2025! Confluence has been a leader in investment data management, risk, and performance solutions, empowering firms with cutting-edge technology and insights. Their support highlights the vital role of innovation in advancing performance measurement and attribution. Join us at PMAR North America 2025 to connect with industry leaders, gain valuable insights, and explore the latest trends shaping investment performance. ?? Date: May 21-22, 2025 ?? Location: The Heldrich Hotel, New Brunswick, NJ Thank you, Confluence Technologies, for your commitment to #PMAR2025! #PerformanceMeasurement #InvestmentTechnology #ConfluenceTechnologies #TSG #Confluence

Will 2025 usher in “The Great Fixed Income Decade?” Guest Author: Stephen Campisi, CFA, The Pensar Group A growing consensus for lower expected returns in equity is causing investors to turn to fixed income as an increasingly-attractive source of risk-adjusted returns. One survey of investment firms estimates large cap equity returns at only 6.4% with corporate bonds earning 4.8% with lower volatility risk. Investors are realizing that managing total portfolio volatility risk requires a more substantial exposure to bonds; this is especially true for managing sudden and severe short-term equity market downturns. The trend of higher allocations to illiquid alternatives increases the risk of funding the client’s required payouts from the equity portfolio, and bonds are emerging as an ideal means of helping to provide funding certainty amidst uncertain equity markets. And while equity alpha remains elusive for many managers, substantial research is emerging that supports the greater likelihood of finding more reliable alpha in bonds, given the exploitable factors that drive bond performance. Despite these advantages, bonds continue to be poorly understood and underutilized, especially among risk managers and performance analysts. Our session on maximizing the value of the fixed income investments within the asset owner portfolio dispels the misunderstandings regarding how bonds are issued, traded and allocated in multi-asset portfolios. This includes examples of key market events where bonds drove portfolio success, as well as guidance in how to seek bond alpha. Moving from strategic to tactical positioning, we conclude with a true decision-based approach to fixed income performance attribution, eliminating the key misperceptions and unnecessary complexities found in some bond models. Join Stephen at?#PMAR North America?on May 21-22 in New Brunswick, NJ, as he presents?“Managing Expectations While Measuring the Value of Your Decisions.”?In this session, he’ll explore how to effectively use fixed income performance attribution to assess the impact of investment decisions while managing expectations. Key takeaways include focusing on actual decisions, maintaining a structural, decision-based approach, and keeping the model clear and simple for better insights. Don’t miss this opportunity to deepen your understanding of fixed income attribution! https://lnkd.in/gHmYyGr6 Use coupon code: Speaker10 and receive a 10% discount when registering.

We’re thrilled to announce Kreischer Miller as a Gold Sponsor for this year’s PMAR Conference, hosted by The Journal of Performance Measurement? and TSG. Their support helps us continue to bring together the brightest minds in performance measurement, sharing insights and innovations that shape our industry. Thank you, Kreischer Miller, for your commitment to advancing excellence in performance measurement. We look forward to seeing everyone at PMAR! #PMAR2025 #PerformanceMeasurement #KreischerMiller #InvestmentPerformance #Networking

We are delighted to welcome First Rate, Inc as a Gold Sponsor of PMAR XXIII! First Rate: The Heart & Soul of WealthTech is a global leader in WealthTech with more than 30 years of experience. First Rate provides innovative technology solutions to the wealth management industry.Their support highlights their commitment to advancing performance measurement and fostering industry collaboration. Join us at PMAR XXIII for an unparalleled gathering of experts, thought leaders, and professionals exploring the latest trends, challenges, and innovations in our field. Save the Date: May 21-22, 2025 Location: The Heldrich Hotel, New Brunswick, NJ A huge thank you to First Rate's Alex Serman, CIPM; Nishimwe Maria-Goreth; Brian Puerschner for their support—we look forward to an incredible event together! Event page: https://lnkd.in/gHmYyGr6 #PMARXXIII #PerformanceMeasurement #InvestmentTechnology #FirstRate #TSG #GIPS #InvestmentPerformance