Ethical Implications of Customized Performance Reporting

As an asset manager, you are responsible for providing transparent and accurate performance reports to your clients. Recently, your firm developed a new client headquarter system that allows for customized reporting. However, this system may inadvertently lead to performance figures being presented in a manner that is overly favorable to the firm.

Your firm has received inquiries from various stakeholders, including clients and regulatory bodies, regarding the performance data and its presentation. Some stakeholders have expressed concern that the use of customized reports might conflict with the principles outlined in the CFA Institute's Asset Manager Code, specifically the performance reporting section.

In your response, critically discuss the ethical implications of using customized performance reporting tools. Specifically, evaluate how such practices align with or violate the tenets of transparency, fair representation, and accuracy as detailed in the Asset Manager Code. Provide specific examples to support your arguments.