The Luxembourg CFA Society has announced today that the GIPS Executive Committee has endorsed them as an official sponsor of the Global Investment Performance Standards, or GIPS® standards, for the Luxembourg market.

Based on the principles of fair representation and full disclosure, the GIPS standards provide a global, ethical framework for the calculation and presentation of investment performance for investment management firms. The GIPS standards benefit two main groups: 1) investment management firms and 2) their current and potential investing clients (including the investment consultants whose job is to evaluate, supervise, hire, and dismiss investment management firms on behalf of those clients).

Administered by CFA Institute, the success of the GIPS standards is the result of an alliance of sponsors across Europe, North America, Asia-Pacific, and Africa. These key industry groups contribute significantly to promoting and developing the GIPS standards. The Luxembourg CFA Society, serving as the Luxembourg Country Sponsor, is the 33rd country to join this alliance.

Léon Kirch, president of the Luxembourg CFA Society commented: “The GIPS Country Sponsor role compliments the Society mission to promote high ethical and professional standards within the investment community. As new GIPS standards came into effect in January 2011, we felt it was more important than ever that GIPS should be actively represented in Luxembourg. Our aim is to promote the GIPS Standards amongst all stakeholders and to provide local market feedback on the standards to the CFA Institute GIPS Committees. We believe that setting high, globally accepted standards for performance reporting to existing and prospective clients will provide further support to the growth and reputation of Luxembourg as a financial centre.”

The Luxembourg CFA Society a.s.b.l. was founded in 2003 as a non-profit organization of investment professionals. The society is dedicated to providing services and support to its diverse, international members and CFA candidates in the greater Luxembourg region.

“The GIPS Executive Committee is pleased to have the Luxembourg CFA Society share the important role of promoting the GIPS standards in Luxembourg. Their participation demonstrates a strong commitment to promoting global best practices,” said Jonathan Boersma, CFA, executive director of the GIPS standards.