Each year, the Global Investment Performance Standards (GIPS®) Conference offers a valuable window into where performance reporting is heading. The 29th Annual GIPS Conference did exactly that, not through sweeping rule changes, but through meaningful refinements, practical guidance, and a strong emphasis on consistency, transparency, and governance.
From our vantage point as a long-standing partner to investment managers, this year’s message was clear. The industry is shifting away from debating what the standards say and toward how firms apply them thoughtfully, defensibly, and in alignment with regulatory expectations.
Here are the most important takeaways investment managers should know:
A Quiet Year for New Standards, But an Important One for Guidance
Unlike years with major framework overhauls, 2025 delivered no sweeping changes to the core GIPS standards themselves. Instead, the focus was on clarifying guidance, strengthening verification, and addressing areas that continue to challenge firms in practice.
This quieter year should not be mistaken for a maintenance year. In reality, many of the updates discussed will have a meaningful operational impact.
New Guidance That Firms Need to Start Preparing for Now
OCIO Portfolio Reporting Guidance
Effective December 31, 2025, new guidance for Outsourced Chief Investment Officer (OCIO) portfolios establishes a more consistent framework for presenting OCIO performance. This guidance brings much-needed structure to an area that has historically varied widely across firms. For managers operating OCIO programs, this will influence composite construction, reporting methodology, and client communication.
Verifier Standards for Fiduciary Management Providers
Effective January 1, 2026, updated verifier standards will apply to fiduciary management providers. These standards strengthen expectations around independence, scope, documentation, and transparency for verifications performed in the fiduciary and asset owner space.
Composite Guidance for Fiduciary Management Providers
Also effective January 1, 2026, updated composite guidance for fiduciary management providers clarifies scheme classification, composite assignment, and required disclosures. The guidance also introduces enhanced reporting expectations for unconstrained composites and requires retroactive application in certain circumstances.
For firms operating in this space, early planning will be essential to avoid last-minute implementation risk.
Trade Errors and Return Attribution Moved Into the Spotlight
Two areas received significant attention at the conference: trade error treatment and return attribution reporting.
An exposure draft on best practices for return attribution is currently open for comment through December 2025. This reflects growing demand from investors for clearer explanations of what actually drove performance.
In parallel, formal guidance on trade error policies is under development and expected to address materiality thresholds, portfolio and composite treatment, documentation standards, and disclosure expectations.
The Bigger Industry Themes We Heard Loud and Clear
Consistency Is Now the Differentiator
One of the strongest messages from the conference was that compliance is no longer just about knowing the rules. It is about consistently applying policies, documenting decisions, and aligning what is written with what is actually done.
GIPS and the SEC Marketing Rule Are Intertwined
The SEC Marketing Rule continues to shape how firms think about performance reporting. Many discussions explored how GIPS-compliant presentations intersect with regulatory disclosure, hypothetical performance, predecessor performance, and advertising controls.
Private Markets Demand Higher Transparency
Private fund managers are facing increasing pressure from institutional investors for standardized, decision-useful reporting. Discussions emphasized consistent treatment of IRR, multiples, fees and expenses, subscription-line financing, and benchmark selection.
What Investment Managers Should Be Doing Now
From a practical standpoint, the most prepared firms are already:
1. Reviewing OCIO and fiduciary management composite structures in advance of 2026
2. Updating trade error policies and reassessing materiality thresholds
3. Evaluating return attribution methodologies for consistency and client usability
4. Stress-testing GIPS reports against regulatory expectations
5. Ensuring written policies reflect operational reality, not just historic best practice
Absolute’s Take
The 2025 GIPS Conference reinforced a key truth we see every day in our work with investment managers. The standards themselves are mature. The real differentiator now is how well firms govern, apply, and explain their performance reporting process.
In an environment of heightened regulatory scrutiny and increasingly sophisticated investors, disciplined performance reporting is no longer just a compliance requirement. It is a trust-building tool and a competitive advantage.
Firms that treat GIPS as a living operational framework, rather than a once-a-year reporting exercise, will be best positioned for what comes next.