Performance Reporting and Client Concerns in Asset Management

As an asset manager adhering to the CFA Institute's Asset Manager Code, your firm has developed a comprehensive performance reporting structure. Recently, your firm has been approached by a high-net-worth client who has expressed concerns regarding the performance reporting methodology utilized by your firm. The client is particularly focused on the transparency, accuracy, and consistency of the performance information provided, especially in relation to benchmark comparisons.

In this context, discuss the key principles of performance reporting as outlined in the Asset Manager Code. Explain how your firm should address the client's concerns while ensuring compliance with the ethical standards set forth in the CFA Code of Ethics and the Asset Manager Code.

Specifically, delve into best practices regarding performance measurement, reporting frequency, benchmark selection, and how to communicate potential conflicts of interest that may impact performance reporting. Provide a well-structured response with concrete applications of the Asset Manager Code principles to the matter at hand.