GIPS Compliance when Firm Ownership and Investment Team Change

[whacim]

I cannot seem to find a clear answer to this in the level 3 GIPS materials.
If a firm’s owner sells the firm to new owners, and then the firm’s entire investment team quit; can a newly hired replacement investment team continue to claim GIPS compliance and use the performance composites of the old team? It only appears that there must be a disclosure made about the change in the investment team.

 

[darthplow]

yes they can as long as they implement and follow the GIPS compliance

 

[zulu007]

Linking past performance of acquired firm will be governed by provision I.5.A.8 of GIPS standards.
The conditions under which performance of a past firm or affiliation must be linked to or used to represent the historical performance of a new or acquiring firm. The conditions, which apply on a “composite-specific basis”, are that
(1) substantially all the investment decision makers are employed by the new or acquiring firm,
(2) the decision-making process remains substantially intact and independent within the new or acquiring firm, and
(3) the new or acquiring firm has records that document and support the reported performance. If a GIPS-compliant firm acquires another firm or affiliation, the firm is given one year to bring any non-compliant assets into compliance.
The question does not meet point 1 or 2 here.