3-Sep-01
Crédit Européen du Luxembourg, part of Banque Bruxelles Lambert SA and ING Group, has been formally certified GIPS compliant for its discretionary portfolio management business. Crédit Européen is the first bank in Luxembourg and the first Triple'A customer to obtain GIPS compliance. This certification is the result of an innovative implementation plan that involved Odyssey GIPS specialists and Crédit Européen internal staff in a collective effort that lasted 8 months.
Global Investment Performance Standards (GIPS) is an international standard that formalises principles and methods of calculation and presentation of portfolio performance. Odyssey is honoured to have been a part of Crédit Européen's new competitive advantage, and looks forward to working closely with Crédit Européen to further improve the quality standards of Composite Manager in pace with future GIPS requirements. For further information regarding GIPS compliance, please refer to PWC Press Release (15 Feb 2000): Survey reveals move to Global Reporting Standards
Marc Sallet, head of Private Banking at Crédit Européen commented, "This standardisation of performance calculation and presentation really brings value to our customers as it allows reliable portfolio performance measurement over time. It reinforces our strategy to further increase the quality of our services and to open the transparency of our management to our customers."
"Odyssey consultants participated actively in the definition and the modification of the business processes to meet the GIPS requirements. Triple'A proved to be a well-suited platform to easily support these processes," said Gaston Braun, head of Crédit Européen's Private Banking IT group.
This certification greatly strengthens the position of Crédit Européen as a pioneer in the discretionary portfolio management sector on the Luxembourg market and within the ING group.
Odyssey's Composite Manager module is employed as an integral part of the GIPS implementation and certification process. It can also be used to help financial institutions become compatible with other international performance presentation standards such as the US AIMR-PPS and Swiss PPS.