TSG

What TSG does

TSG (The Spaulding Group / TSG Performance) is a privately held, US-based boutique consulting and verification firm founded in 1990 by David D. Spaulding, headquartered at 2 Albany Street, New Brunswick, NJ. The firm specializes in Global Investment Performance Standards (GIPS) verification, performance certification, and adjacent investment performance measurement consulting for the asset management industry, with a stated employee base of 11–50 senior-level specialists (each with a minimum of 20 years' experience) and effectively no staff turnover. Its service portfolio spans (1) GIPS Standards Verification delivered through the proprietary E3 Verification Advantage™ methodology, (2) Performance Certification for non-GIPS firms seeking third-party attestation, (3) specialized consulting in technology, operations, after-tax, ESG, SEC Marketing Rule, and FINRA compliance, (4) education and training via in-person curriculum, the online Institute, in-house training, and a Boot Camp, and (5) ecosystem products including the PMAR North America and PMAR Europe conferences, the Performance Measurement Forum, the Asset Owner Roundtable, the TSG Time podcast, and The Journal of Performance Measurement. Verification engagements are recurring annual subscriptions priced from approximately $10,000 to six figures depending on firm size, number of composites, and complexity, with rates lockable for a minimum of five years.

The firm's go-to-market is enterprise field sales supported by an event- and content-driven marketing engine. Direct senior-level engagement with asset managers, asset owners, OCIOs, and institutional investors globally (US, Canada, UK, EMEA, Middle East, Australia, New Zealand) is fueled by inbound requests, referrals, and the Forum/PMAR community. PMAR sponsorships (BNY Platinum; CFA Institute, First Rate, JNC CompositeBuilder, John Leavy Consulting Gold; SS&C, Confluence, Rimes, Quantisys, Equiforce Silver) and Forum members (CalSTRS, State Street, Northern Trust, World Bank) anchor the ecosystem. Proprietary technology and brand assets include the E3 Verification Advantage™, the Insiders' client-only website, the GIPS Orientation Kit, and the Software Certification Service. Pricing is not publicly disclosed beyond the verification cost range; revenue is not disclosed.

The customer base is long-tailed and diversified, spanning 40+ named logos across enterprise asset managers (AXA, Natixis, Ninety One, Mitsubishi UFJ Asset Management, Xponance, AllState, Northwestern Mutual, Swan Global), asset owners and large institutions (CalSTRS, State Street, Northern Trust, World Bank, The Regents of the University of California, Broadridge), wealth and insurance managers (Beacon Wealth, AAM Insurance Investment Management, Stacey Braun Associates, Segment Wealth Management), and global software vendors (First Rate). Reported customer loyalty is exceptionally high — a 93% Net Promoter Score, characterized in-house as "world-class" (above the 70-point "best of the best" threshold) — and 67.3% of the 300 largest pensions, 50 largest US endowments, and 50 largest US foundations require or ask about GIPS compliance when selecting external managers, providing a structural demand backdrop. TSG does not disclose revenue, headcount growth, or M&A activity, and remains founder- and family-led (David D. Spaulding as Founder/CEO; Christopher Spaulding as Managing Director and Chief Growth Officer; Patrick W. Fowler as President/COO with 25+ years tenure; John D. Simpson as Chief Verification Officer).

Name

TSG

Legal name

TSG, Inc.

Website

https://tsgperformance.com

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

11–50 employees

Short description

TSG (The Spaulding Group) is a US-based boutique consulting firm founded in 1990 that provides GIPS standards verification, performance certification, and investment performance measurement consulting exclusively through senior-level specialists serving asset managers, asset owners, and software vendors globally.

Ownership category

akta.pro rank

Product category

Investment Performance Verification and Consulting

NAICS

Testing Laboratories and Services (541380), Other Scientific and Technical Consulting Services (541690)

SIC

Services-Testing Laboratories (8734), Services-Engineering, Accounting, Research, Management (8700)

akta.pro primary industry

Testing, Inspection, Certification & Commissioning (TICx) Technical Services (BPAHAIAL)

Keywords

• GIPS verification services
• Investment performance measurement
• GIPS compliance consulting
• Performance attribution services
• Investment performance reporting

Headquarters

HQ city

Somerset

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. GIPS Verification Services: Annual GIPS standards verification for investment firms and asset owners. Verification is a recurring annual engagement. Cost ranges from approximately US$10,000 to six figures depending on firm size, number of composites, and complexity.
2. Performance Certification: Independent performance verification for firms not claiming GIPS compliance. Provides attestation letter certifying accuracy of strategy performance for third-party platforms and prospective clients. One-time or periodic engagement.
3. Consulting Services: Specialized consulting covering technology, operations, after-tax, ESG, SEC marketing rule, and FINRA compliance. Includes vendor support, system certification, and operational reviews. Billed as project-based or retainer engagements.
4. Education and Training: In-person curriculum, online training (Institute), in-house customized training, and boot camps. Includes CIPM continuing education credits. Tuition-based per student or firm-rate for in-house.
5. Journal of Performance Measurement & Publishing: Subscription to The Journal of Performance Measurement, sale of books, white papers, surveys, and reference guides through TSG Publishing.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels8 records

Core offering

TSG is a boutique consulting and verification firm that provides independent third-party GIPS (Global Investment Performance Standards) verification for investment managers and asset owners, along with performance certification, specialized consulting on performance measurement, attribution, ESG, SEC marketing rule, and FINRA compliance. The firm also delivers professional education, training programs, industry events (PMAR conferences, Performance Measurement Forum), and publishes The Journal of Performance Measurement.

Product overview

TSG (The Spaulding Group) is a boutique consulting and verification services firm specializing in investment performance measurement and GIPS standards compliance. The company's offering is organized as a unified service portfolio centered on GIPS Standards Verification (including the proprietary E3 Verification Advantage methodology), Performance Certification, and specialized consulting modules covering technology, operations, after-tax performance, ESG, SEC marketing rule compliance, and FINRA requirements. Supporting services include professional education and training programs, industry events (PMAR conferences, Performance Measurement Forum, Asset Owner Roundtable), the TSG Time podcast, and The Journal of Performance Measurement publication. TSG serves investment managers, asset owners, and software vendors globally through its team of senior-level specialists.

Differentiator

Problem solved

Functional benefit

Brands

• E3 Verification Advantage™: TSG's proprietary verification approach ensuring Expertise, Experience, and Execution in every engagement.
• PMAR Conference
• Performance Measurement Forum
• Asset Owner Roundtable
• TSG Time Podcast
• The Journal of Performance Measurement

Products and services

• GIPS Standards Verification Independent third-party verification of investment firms' and asset owners' compliance with the Global Investment Performance Standards (GIPS), reviewing policies, procedures, composite maintenance, and performance calculations. Delivered to investment managers, asset owners, OCIOs, and consulting firms globally on a recurring annual basis.
• Performance Certification Independent validation of investment performance for firms not claiming GIPS compliance, enabling firms to market their performance to third-party platforms, TAMPs, model marketplaces, and prospective clients with an attestation letter.
• Technology Consulting Consulting for performance measurement software vendors and firms covering system implementation, design support, testing, quality assurance, and TSG Software Certification for independent validation of system capabilities.
• Operational Consulting Operations review services covering all aspects of a firm's performance and risk measurement process, providing objective assessment, risk identification, and recommendations for improvement.
• After-Tax Consulting Consulting on after-tax performance measurement and reporting, addressing the complex requirements for calculating and presenting after-tax returns across various investment structures.
• ESG Consulting and Verification Consulting and verification services helping firms address ESG disclosure standards including CFA Institute's Global ESG Disclosure Standards, EU's SFDR, and UN's PRI.
• New SEC Marketing Rule Consulting Guidance and consulting services to help investment advisers comply with the SEC's new marketing rule under the Investment Advisers Act, including webinars and FAQ documentation.
• FINRA Compliance and GIPS Consulting Consulting services to help firms comply with FINRA Regulatory Notice 20-21 regarding internal rate of return (IRR) calculations and metrics for private placement offerings.
• Education and Training Investment performance measurement training including Fundamentals of Performance Measurement, Performance Measurement Attribution, Fixed Income Attribution, Python for Performance, GIPS Workshop, and Boot Camp, available online, in-house, and in-person. Includes CIPM continuing education credits.
• PMAR Conference Annual Performance Measurement, Attribution and Risk (PMAR) conferences held in North America and Europe, bringing together industry professionals for learning and networking with top-tier sponsors and speakers.
• Performance Measurement Forum and Asset Owner Roundtable Interactive networking and information exchange founded in 1998 for performance measurement professionals, with 4 meetings per year across North America and EMEA, plus the Asset Owner Roundtable for institutional investors. Members receive discounted TSG services.
• The Journal of Performance Measurement Flagship industry publication covering investment performance measurement, attribution, risk, and GIPS standards, with articles, surveys, and research from industry practitioners, plus books, reference guides, and white papers from TSG Publishing.
• GIPS Planning Session One-day proprietary planning session for firms considering GIPS compliance, including education on Standards, gap analysis, and roadmap development. First step for firms becoming compliant, included in comprehensive onboarding package.

Quantifiable outcome

• Net Promoter Score of 93% — considered world-class (above 70 is 'best of the best')
• +4 more outcomes

Named customers41 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eleven partnerships are on record, tiered core, platinum sponsor, gold sponsor, silver sponsor and supporting sponsor.

• First RatecoreStrategic or Co-development PartnerFirst Rate Investment Systems partners with TSG as a trusted industry leader in performance measurement. TSG provides First Rate access to key decision-makers and industry credibility through Forum events and PMAR conferences. First Rate values TSG's expertise and strong industry relationships for connecting with ideal markets.
• BNYplatinum sponsorGTM or Marketing PartnerBNY is Platinum Sponsor of PMAR North America Conference 2026. BNY is a major global financial services institution in asset management and data analytics.
• CFA Institutegold sponsorGTM or Marketing PartnerCFA Institute is a Gold Sponsor of PMAR Europe 2026 and holds registered trademark ownership of GIPS. CFA Institute's endorsement and relationship with TSG adds credibility to TSG's GIPS verification services.
• SS&Csilver sponsorGTM or Marketing PartnerSS&C is a Silver Sponsor of PMAR North America Conference 2026. SS&C is a global provider of investment decision support tools and software.
• Confluencesilver sponsorGTM or Marketing PartnerConfluence is a Silver Sponsor of PMAR North America and PMAR Europe 2026. Confluence provides performance and attribution software solutions.
• Ortec Financesupporting sponsorGTM or Marketing PartnerOrtec Finance is a sponsor and presenter at PMAR Europe 2026, presenting on private asset performance attribution.
• Rimessilver sponsorGTM or Marketing PartnerRimes is a Silver Sponsor of PMAR North America and PMAR Europe 2026. Rimes partnered with TSG because TSG is a trusted leader providing access to decision-makers in the performance measurement industry.
• Quantisyssilver sponsorGTM or Marketing PartnerQuantisys is a Silver Sponsor of PMAR North America 2026.
• Equiforcesilver sponsorGTM or Marketing PartnerEquiforce is a Silver Sponsor of PMAR North America 2026.
• John Norwood Consulting / JNC CompositeBuildergold sponsorGTM or Marketing PartnerJohn Norwood Consulting is a Gold Sponsor of PMAR Europe 2026. Their CompositeBuilder product is designed to help firms manage composites for GIPS compliance.
• Software Vendors (performance/risk systems)coreTechnology or IntegrationTSG provides Software Certification to performance measurement software vendors, custodians, broker/dealers, and asset managers with proprietary systems. Certification provides independent credibility affirming software's compliance capabilities, enhancing vendor marketing and sales.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• ACA Group (ACA Performance Services): ACA Performance Services is a specialized investment performance verification and GIPS consulting firm that directly competes with TSG in the boutique GIPS verification segment, serving many of the same asset manager, asset owner, and OCIO client segments with a comparable scope of services.

Broad incumbents

• KPMG: KPMG is one of the Big 4 audit firms that performs GIPS verifications as part of its broader financial services practice. While not a boutique specialist, KPMG competes for enterprise GIPS verification engagements and offers the global scale that TSG's boutique model lacks.
• Deloitte: Deloitte performs GIPS verifications through its audit and risk advisory practices serving asset managers and asset owners. As a Big 4 firm, Deloitte competes with TSG in the broader GIPS verification market, particularly for large multinational mandates.
• PwC: PwC provides GIPS verification through its assurance practice for asset managers and asset owners. As a Big 4 firm, PwC represents scale-based competition to TSG's boutique positioning, particularly for enterprise-level engagements where audit-firm bundling is preferred.
• EY (Ernst & Young): EY's financial services practice includes GIPS verification engagements for investment managers and asset owners. As a Big 4 incumbent, EY competes with TSG for verification mandates, especially from large global firms that prefer established audit relationships.

Others

• SS&C Technologies: SS&C is a global asset management and performance measurement software provider (including Advent products) that sponsors PMAR events and operates in the broader performance measurement space. Primarily a software vendor, SS&C is part of TSG's performance ecosystem rather than a verification competitor.
• Rimes Technologies: Rimes provides performance data, analytics, and benchmarking solutions to investment managers and sponsors PMAR events. Rimes operates in TSG's adjacent data and analytics ecosystem but does not directly compete in GIPS verification services.
• Confluence Technologies: Confluence is a performance measurement and reporting software vendor that sponsors PMAR conferences and partners within TSG's GIPS ecosystem. While not a direct verification competitor, Confluence serves the same buy-side firms and is part of TSG's industry community.
• First Rate Investment Systems: First Rate is a performance measurement software vendor and TSG strategic partner that sponsors PMAR and Forum events. As an ecosystem participant rather than a verification competitor, First Rate gains access to decision-makers through TSG's industry platforms.
• Broadridge Financial Solutions: Broadridge is a global fintech and investment operations provider that participates in PMAR conferences and the performance industry community served by TSG. While not a GIPS verification competitor, Broadridge is part of the broader asset management ecosystem adjacent to TSG's services.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xtwitter.com/TSGPerformance
• LinkedInlinkedin.com/company/the-spaulding-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TSG