Tom Angell, Practice leader of Withum’s Financial Services Group, discusses performance advertisements of funds and the importance of reliable data. There are often concerns by regulators that marketing materials provided to investors may not be accurate. General Partners have a fiduciary responsibility to potential investors to provide transparency. For example, showing gross returns instead of net, or only top-performing investments is not complete and accurate information for investors to make an informed decision. By maintaining support for the underlying calculations, inputs, indexes, used in performance data, GPs can avoid having misstated materials and can provide information to investors in a way they can digest and understand. In addition, all information presented should be clearly defined such as gross vs. net.