HONG KONG, Sept. 20, 2019 /PRNewswire/ -- Ping An of China Asset Management (Hong Kong) ("PAAMC HK") announced that it has adopted the Global Investment Performance Standards (GIPS ®). The firm's compliance with the standards has been independently verified by PricewaterhouseCoopers ("PwC") for the period January 1, 2014 through December 31, 2018.
GIPS is a set of globally-accepted, industry-wide ethical standards that guide investment management firms on how to calculate and present their investment results. Though not mandated by regulation, the GIPS standards are strongly recommended by investment advisors as they establish consistent and transparent reporting for prospective investors.
The successful verification of PAAMC HK demonstrates a firm-wide commitment to best practices and effective internal control. By adopting GIPS, PAAMC HK actively responds to market demand for improved transparency and strengthens investor confidence in the firm's performance reporting.
Hoi Tung, Chairman and CEO of China Ping An Insurance Overseas (Holdings) Limited, commented that, "We are very pleased to see Ping An of China Asset Management (Hong Kong) achieve in-compliance with GIPS. GIPS has gained a widespread industry acceptance as the performance standards with fair representation and full disclosure, which promote performance transparency and comparability to our current and prospective clients. We look forward to offering and sharing more investment opportunities with third-party investors in the future."
"Being GIPS-compliant is a milestone for PAAMC HK. We set up our internal processes and procedures to comply with the GIPS standards. GIPS is the gold standards in performance reporting. It verifies the integrity of the performance of all our investment strategies. We are pleased to have the verification for the benefit of our current and future clients," said Chi Kit Chai, CIO and Head of Capital Markets, Ping An of China Asset Management (Hong Kong).
Third-party verification supports the guiding principles of GIPS -- fair representation and full disclosure of a firm's investment performance, and credibility of such claim of compliance. PAAMC HK chose PwC as the independent verifier for its worldwide professional experience as a leading GIPS verifier.
According to CFA institute, as of 30 June 2019, 13 firms and 1 asset owner from Mainland China claimed compliance with the GIPS standards. The asset owner and 9 of the 13 firms indicate they have been verified. There are 7 firms in Hong Kong that claim compliance with the GIPS standards and 5 firms have indicated they have been verified.
About Ping An of China Asset Management (Hong Kong)
Ping An of China Asset Management (Hong Kong) Co., Ltd. ("PAAMC HK") was established in 2006. It is a direct subsidiary of China Ping An Insurance Overseas (Holdings) Limited and wholly-owned subsidiary of the Ping An Group (2318.HK). It is licensed by the HKSFC to conduct Type 1 (Dealing in Securities), Type 4 (Securities Consultation) and Type 9 (Asset Management) regulated activities. Following the philosophy of "Professionalism and Value", PAAMC HK has gained abundant experience in global investments and built an international investment platform. With its strong capabilities for investment research and asset management, PAAMC HK focuses on research on global macroeconomics, development of investments solutions, fixed income investments, AI and quantitative investments, ETFs, portfolio management and other areas.
