CFA Institute Research and Policy Center Unclaimed

Standardizes ESG disclosures to improve clarity and reduce greenwashing in investment products.

Enhances transparency in investment performance reporting through ethical standards.

Supports ethical asset management for enhanced client trust and industry integrity.

Enhances ethical governance for pension plan trustees.

Establishes an ethical framework for managing endowments, enhancing stakeholder trust.

Enhance your expertise in private markets and advance your investment career with our self-paced certificates.

Explore the structural evolution of private credit and its implications for investor access and portfolio strategies.

Gain Access to Comprehensive Investment Data and Tools.

Offers crucial international cost of capital data for informed investment decisions.

Access comprehensive long-term asset class return data for informed investment decisions.

Provides insightful research to empower investment professionals.

Standards, benchmarks, and guidance for calculating, presenting, and independently verifying investment performance to ensure fair representation and transparency for investors and regulators.

Support to prioritize reporting frameworks, align disclosures, improve ESG ratings and communicate responsible business performance to stakeholders and regulators.

Codes and voluntary frameworks defining fiduciary duties, ethical conduct, and governance practices for asset managers, endowments, pension trustees, and institutional stewards.

Capabilities that provide market insights, company research tools, and educational resources to help investors evaluate and navigate private-market opportunities.

Programmatic access and enterprise-grade data feeds and connectors that deliver firmographics, funding, revenue, and real-time market signals into data warehouses and business systems.

Global ESG Disclosure Standards for Investment Products

Global ESG Disclosure Standards for Investment Products are the first global voluntary standards for disclosing how an investment product considers ESG issues in its objectives, investment process, and stewardship activities. The standards help investors, consultants, advisors, and distributors understand, compare, and evaluate investment products and reduce the potential for greenwashing. They are flexible to accommodate the full range of investment vehicles and ESG approaches worldwide and are designed to harmonize disclosure practices across markets.

• Establishes Global Standards
  Sets a precedent for a unified ESG disclosure framework applicable across multiple jurisdictions.
• Access Official Handbook
  Provides users with comprehensive guidelines for ESG disclosures in a single accessible document.
• Follow Clear Steps
  Streamlines the compliance process for investment products, ensuring adherence to ESG standards.
• Reduces Greenwashing
  Improves transparency and trust for investors by providing consistent ESG information.
• Receive Implementation Support
  Helps users effectively apply the ESG standards in diverse investment contexts, enhancing practice.
• Accommodates Various ESG Approaches
  Ensures that a wide variety of investment methods can integrate ESG considerations effectively.
• Gain Deeper Insights
  Provides clarity on specifications, aiding investment professionals in navigating complex ESG requirements.
• Enhances Investor Decision-Making
  Equips investors with the necessary tools to make informed choices on ESG-compliant investments.

Global Investment Performance Standards (GIPS Standards)

The Global Investment Performance Standards are voluntary, ethical standards for calculating and presenting investment performance based on fair representation and full disclosure. They are developed by CFA Institute in partnership with industry sponsors and are adopted by more than 1,600 organizations across 51 markets. They are maintained to ensure ongoing relevance and transparency in performance reporting.

• Ensures Transparent Reporting
  This feature emphasizes ethical guidelines that foster trust in investment performance disclosures.
• Widely Recognized
  The extensive adoption of GIPS standards reflects their importance in creating a unified framework for performance reporting globally.
• Enhances Credibility
  Optional verification enhances credibility and ensures firms meet GIPS standards.
• Stays Relevant
  By consistently updating standards, GIPS ensures they reflect evolving market conditions and industry practices.
• Promotes Ethical Practices
  As a voluntary standard, GIPS encourages organizations to uphold ethical practices in performance reporting.
• Tailored Standards
  Recognizes the distinct needs of competing organizations and those managing their own assets.

Asset Manager Code (AMC)

The CFA Institute Asset Manager Code outlines the ethical and professional responsibilities of organizations that manage assets on behalf of clients. The code covers six broad categories including professional and ethical conduct, acting for the benefit of clients, independence and objectivity, skill, competence and diligence, timely communication with clients, and upholding the applicable rules governing capital markets.

• Prioritize Client Interests
  Ensures that decisions made by asset managers are always in the best interest of their clients.
• Maintain Integrity
  Ensures decisions are free from conflicts of interest, enhancing trust in the asset management process.
• Uphold Standards
  Guides firms to adhere to high ethical standards, ensuring the integrity of the investment profession.
• Enhance Client Engagement
  Promotes transparency through regular and effective communication, fostering trust and understanding.
• Ensure Legal Adherence
  Helps firms comply with relevant regulations, safeguarding the market and clients.
• Demonstrate Competence
  Encourages asset managers to apply appropriate diligence in investment management, enhancing performance.

Pension Trustee Code of Conduct

The CFA Institute Pension Trustee Code of Conduct sets the standard for ethical behavior for a pension plan’s governing body. It outlines ten fundamental principles that promote professional excellence and trust among stakeholders.

• Promotes Ethical Conduct
  The Code emphasizes acting in good faith and in the best interests of the plan participants, enhancing transparency and trust.
• Defines Core Responsibilities
  Trustees must maintain independence, ensure transparency and communicate effectively with stakeholders, ensuring adherence to the Code.
• Adopts Flexible Guidelines
  Pension plans can assess their existing practices against the Code and revise policies accordingly.

Endowment Code of Conduct

The Endowment Code of Conduct outlines ethical responsibilities for the sound management of longer-term financial assets.

• Promotes Ethical Management
  By adopting the Endowment Code of Conduct, organizations establish an ethical framework for governing bodies, ensuring commitment to stakeholders' best interests.
• Facilitates Compliance Process
  Includes practical steps for organizations to review and align their policies with the code, fostering an ethical governance culture.
• Targets Multiple Entities
  Applicable to charitable trusts, independent foundations, NGOs, and public funds, ensuring broad ethical standards across the sector.
• Supports Continuous Improvement
  Promotes regular reviews of investment strategies to align with ethical practices and stakeholder interests.

Private Markets Certificates

Private Markets Certificates offer self-paced certificates to boost understanding of private markets and private equity, designed for investment professionals.

• Enhances Career Opportunities
  Completing the certificates positions professionals for career advancements, making them more competitive in the job market.
• Deepens Knowledge
  Equips learners with critical insights and specialized knowledge about private market dynamics.
• Targets Industry Needs
  Addresses the evolving needs of financial professionals within the industry, ensuring content relevance.
• Flexible Learning
  Allows participants to learn at their own speed, making it adaptable to various schedules and commitments.
• Applies Real-World Knowledge
  Equips professionals with applicable skills and knowledge to navigate private market investments effectively.

Private Credit: Market Structure, Fund Design, and Retail Access

This research report analyzes how private credit has evolved, uses a capital markets ecosystem framework, explains how fund design affects liquidity, governance, and valuation, and examines how retail access is transforming private credit through evergreen funds, interval funds, non-traded BDCs, tokenized vehicles, and digital platforms. It also identifies structural risks and provides a practical framework for portfolio inclusion.

• Understand Transition
  Gain insights into how private credit has transformed into a vital part of funding for corporates.
• Assess Structures
  Evaluate how different fund designs affect investor outcomes and market stability.
• Map Relationships
  Visualize how private credit interacts within the broader capital markets ecosystem.
• Expand Access
  Analyze how innovative structures are making private credit accessible to retail investors.
• Identify Risks
  Highlight critical risks associated with investing in private credit markets.
• Enhance Portfolio
  Utilize a structured approach to incorporate private credit into investment strategies.

Investment Data Alliance

Investment Data Alliance provides member access to data and tools, including performance data for MSCI indexes, climate and ESG data, and vendor data integration options to support research and investment analysis.

• Review MSCI Index Performance
  Empowers members with crucial market performance insights for informed investment decisions.
• Utilize ESG Insights
  Supports informed investing by providing key environmental, social, and governance metrics.
• Access Calcbench Premium Plan
  Provides powerful financial data tools for analysis and decision-making.
• Leverage Smartkarma Solutions
  Enhances investment strategies with tailored private investor insights.
• Integrate Vendor Data
  Facilitates seamless workflows by integrating various data sources into investment processes.

Valuation Handbook – International Guide to Cost of Capital: 2023 Summary Edition

The Valuation Handbook provides international cost of capital data and guidance to support investment decision making and capital budgeting across markets.

• Provides Essential Data
  Delivers comprehensive insights into cost of capital tailored for various global markets.
• Facilitates Cross-Border Investments
  Enhances understanding of global financial landscapes to improve investment strategies.
• Acts as an Investment Guide
  Serves as a vital resource for investment professionals, aiding in effective decision-making.

SBBI – Stocks, Bonds, Bills, and Inflation (SBBI) Summary Edition

The SBBI Summary Edition provides long-term asset class return data and serves as a trusted reference for investment decision making and capital planning.

• Provides Historical Performance Data
  By offering historical return data for various asset classes, the SBBI Summary Edition helps decipher the long-term impact of investment strategies.
• Supports Investment Decisions
  The SBBI Summary Edition is an essential guide for investment professionals to make well-informed decisions based on historical return data.
• Enhances Understanding of Market Dynamics
  This feature provides deeper insights into how different market variables affect investment performance over time.

Research Foundation Publications

The Research Foundation publishes comprehensive and insightful research products for investment management professionals, including books, literature reviews, briefs, and multimedia content designed to enhance knowledge and decision-making.

• Delivers In-Depth Analysis
  Provides comprehensive insights through detailed examinations of various investment topics, fostering informed decision-making among professionals.
• Enhances Learning Experience
  Combines visual and auditory learning aids to reinforce concepts, making complex ideas more accessible and engaging.
• Offers Concise Insights
  Delivers easily digestible content that focuses on global and regional issues, ideal for busy professionals seeking quick understanding.
• Facilitates Further Research
  Provides curated lists of significant studies and findings, helping professionals to explore and deepen their understanding of specific subjects.