Meaning and purpose of GIPS®

GIPS® are international standards and recommendations used by asset managers outlining how key figures for performance and risk may be presented to customers. Mandates with similar strategic orientations are combined into so-called "composites" and their performance is presented on a consolidated basis. GIPS® provides the following advantages:

• Consistency and verifiability in the calculation and presentation of the performance results realised as well as aggregation of the individual composites.
• Comparability of the performance results of composites with other institutes, irrespective of the strategic orientation, for existing and potential investors.
• Transparency due to the publication of quantitative key figures and explanatory information in the GIPS® reports.
• Full disclosure of the relevant mandates and the corresponding period results in avoiding "cherry picking". 

GIPS® compliance and the company

For institutional asset management mandates:

The company "Diskretionäre Vermögensverwaltungsmandate der Swisscanto Invest by Zürcher Kantonalbank" declares compliance with the Global Investment Performance Standards (GIPS®) and comprises all asset management mandates managed by Zürcher Kantonalbank's institutional asset management. All Swisscanto fund solutions and private asset management mandates are not included. As defined in GIPS®, all mandates that have a certain minimum portfolio size and are independent of their customers in terms of their investment decisions are regarded as discretionary.

Zürcher Kantonalbank has been independently verified for the period from 1 January 1993 to 31 December 2019 by PricewaterhouseCoopers AG. Verification is carried out annually and the most recent verification report was prepared as of 31 December 2019.

For funds:

The firm "Swisscanto Invest & ZKB ETF" is defined as the asset manager for investment funds, investment foundations and exchange-traded funds of Zürcher Kantonalbank in Zurich. Individual asset management mandates for private and institutional customers are not included. The company was established as a result of the merger of Zürcher Kantonalbank and the Swisscanto Group on 1 July 2015, and includes all the investment funds, investment foundations and exchange-traded funds previously managed by the Swisscanto Group and Zürcher Kantonalbank.

The GIPS firm "Swisscanto Invest & ZKB" ETF has been independently verified for the period from 31 December 2010 to 31 March 2016 by PricewaterhouseCoopers AG. Verification is carried out annually and the most recent verification report was prepared as of 31 March 2016.

Composite report

The following information can be found in the report:

• Quantitative key figures: all the data since the commencement of composites or, at maximum over the last 10 years, are shown. 
• The disclosure section of the composite report includes information regarding compliance with GIPS, the definition of the company and the composite. In addition, information on the composite's investment strategy as well as the methodology applied for calculating composite and benchmark yields and their risk measures is provided. The composition of the benchmark used is also an important part of the disclosures. 

A list of all composites and individual composite reports can be requested from Zürcher Kantonalbank's Asset Management. 

On the topic

• Model report of a composite (in German) (PDF, 3 Seiten, 321 KB)
• external link opens new pageInformations GIPS Switzerland (Source Association Asset Management Association Switzerland) 

Last update: February 2021