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Performance Comparison Process

https://pmxsa.sharepoint.com/sites/PRSHub/Shared%20Documents/Forms/AllItems.aspx

Disclaimers.docx

Turnaround time: 3–5 business days

1. Acknowledge the request

Confirm receipt of the comparison request and tell the client:

“This comparison typically takes 3–5 business days to complete.”

Confirm what needs to be compared, including the portfolios, models, funds, benchmarks or peer groups, and the required date range.

2. Complete the comparison

Run the performance comparison using the approved data sources and method.

When completing the comparison, determine and record the type of data used:

  • Actual past performance
  • Modelled / simulated data
  • Interpolated / extended data
  • Hybrid data, where more than one data type is used
  • What the comparison is about
  • Portfolio, model or fund names
  • Benchmark or peer group used
  • Period and frequency
  • Fee class and fee class type, for example MAC50
  • Fund or product type
  • Data source
  • Whether the data is actual, modelled, interpolated or hybrid
  • Any assumptions used
  • If modelled or interpolated data is used, briefly explain the reason and method
  • Actual past performance: use the standard past performance disclaimer
  • Modelled / simulated data: use the modelled data disclaimer
  • Interpolated / extended data: use the interpolated data disclaimer
  • Hybrid data: use the hybrid disclaimer
  • The correct disclaimer has been used
  • The disclaimer appears where required
  • The comparison details are correct
  • No pages are missing
  • Save the approved PDF
  • Send the final pack to the client using the approved delivery method
  • Save a record of what was sent
  • Keep the compliance approval record with the final pack

          This step is critical because the data type determines which disclaimer must be applied.

          3. Capture the required notes

          Record the key details for compliance review:

                              4. Add the correct disclaimer

                              Select the correct approved disclaimer based on the data type:
                              Comparative Data - Disclaimers .docx

                                      Insert the approved disclaimer on all required pages of the comparison.

                                      5. PDF the comparison

                                      Convert the completed comparison, including the disclaimer, to PDF.

                                      Check that:

                                              6. Send to Zamo for approval

                                              Post the PDF comparison on the Global Compliance Board and tag Zamo.

                                              When handing over to Zamo, clearly state the type of data used. For example:

                                              “This comparison uses modelled data.”
                                              “This comparison includes interpolated data.”
                                              “This comparison is hybrid and includes actual and modelled/interpolated data.”

                                              Zamo approval usually has a 24-hour turnaround.

                                              7. Finalise after approval

                                              Once Zamo approval is received: