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muamadove · 2022年05月15日

benefit 3有wider range of investment strategy意思不是投资范围更广吗

* 问题详情,请 查看题干

NO.PZ201910090100002102

问题如下:

Which of the benefits of outsourcing the management of the pension plan suggested by Boulder is correct?

选项:

A.

Benefit 1

B.

Benefit 2

C.

Benefit 3

解释:

C is correct.

Scale (asset size) is a defining characteristic for institutional investors since it affects key aspects of the investment process. Maglav’s pension plan is small, with $25 million in assets under management. Smaller institutions may be unable to access certain investments that have a high minimum investment, such as private equity and real estate assets. These smaller institutions may also have difficulty in hiring skilled investment professionals. As a result, small institutional investors, such as Maglav’s pension plan, are more likely to outsource all or most of the investment operations to external asset managers or investment consultants.

benefit 3有wider range of investment strategy意思不是投资范围更广吗?小规模的fund对另类产品不能投资,为什么选3?

1 个答案

lynn_品职助教 · 2022年05月17日

嗨,努力学习的PZer你好:


benefit 3有wider range of investment strategy意思不是投资范围更广吗?小规模的fund对另类产品不能投资,为什么选3?


是的,benefit3意思是投资范围更广。同学说的是对的规模有限的基金,能够涉足的金融产品有限。许多另类产品比如说PE Fund,Hedge fund,Real estate等等,这种投资有比较高的门槛,所以如果自己做直接投资的话,可能根本没办法达到这个投资的最低门槛值,也就没办法投资这些产品。


同时,因为PE/HF/Real estate这些另类投资(Alternatives)对基金经理的专业性要求很高,小基金也很难聘请到Top skilled investment professionals,所以自己做这些产品投资的话,就非常难。


但是题干中说到Boulder tells Azarov that outsourcing offers small institutional investors, such as Maglav’s pension plan, the following three benefits:外包带来下述好处。


外包可以使小规模基金克服上述这个问题,比如,PE Fund的最小投资规模是10 million,像本题小规模基金就没办法直接投资,这时候可以投资Funds of funds,比如投资1million到另外一个基金,这个基金募集到10 million就可以参与PE Fund的投资了。这样小基金就以1million获得了PE的Exposure。


这样通过外包的过程,就扩大了小基金的投资范围。因此选3是对的。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!