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Pension Funds

MassPRIM adopts Global Investment Performance Standards

Massachusetts Pension Reserves Investment Management Board, Boston, agreed to adopt the CFA Institute's Global Investment Performance Standards.

The standards are a set of voluntary principles based on transparency and fair representation of investment performance.

"We feel it's important for PRIM to always maintain the highest standards, and GIPS standards are a globally accepted methodology for calculating and presenting investment performance. Adopting these standards demonstrates a commitment to transparency, ethical best practices and strong internal controls," said Michael G. Trotsky, executive director and chief investment officer of the $70 billion MassPRIM, in an emailed response to questions.

GIPS had been adopted by 1,711 money managers as of Dec. 31. Last March, the $351.1 billion California Public Employees' Retirement System adopted GIPS, making the Sacramento-based plan among the first asset owners to adopt the standards.

"By adopting GIPS we are maintaining consistency in performance reporting between PRIM and the investment managers we work with," Matthew Liposky, MassPRIM's chief investment operating officer, said in a news release announcing the move.