The CFA Institute created the Global Investment Performance Standards (GIPS) in the late 1980s to standardize the presentation of performance information by investment managers.  See “Top Ten GIPS Compliance Challenges for Hedge Fund Managers,” Hedge Fund Law Report, Vol. 7, No. 37 (Oct. 2, 2014).  Almost 30 years later, the CFA Institute remains central to the implementation, understanding and ongoing refinement of the Standards.  Jonathan Boersma, head of Professional Standards and executive director of GIPS at the CFA Institute, recently sat for a detailed interview with the Hedge Fund Law Report on GIPS considerations for hedge fund managers.  In particular, Boersma addressed the purposes of GIPS; adoption by geography and manager type; investor preferences with respect to GIPS; pricing, purpose and allocation of costs of GIPS verification services; track record portability; whether GIPS permits the use of hypothetical back-tested performance, model fees or presentation of performance gross of fees; cherry picking and valuation; what constitutes a prospective client; withholding for dividends; and when to include a new fund or account in a GIPS-compliant composite.  For additional insight from Boersma, see “Global Investment Performance Standards Facilitate Reliable, Apples-to-Apples Comparisons by Hedge Fund Investors, and Offer Marketing Opportunities for Hedge Fund Managers,” Hedge Fund Law Report, Vol. 3, No. 9 (Mar. 4, 2010).