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sipingboy · 2022年05月16日

202205mockB上午第11题(关于信托)

Noor Mawar, CFA, manages a trust fund with the beneficiary being an orphaned 18-year-old student. The investment policy dictates that trust assets are expected to provide the student with a stable low-risk source of income until she reaches the age of 30 years. Based on information from an Internet blog, the student asks Mawar to invest in a new business venture that she expects will provide high returns over the next five years. Mawar ignores the request, instead securing conservative investments to provide sufficient income. Did Mawar most likely violate the CFA Institute Code of Ethics and Standards of Professional Conduct?

A Yes.

B No, because the client’s objectives were met.

C No, because the investment time frame does not match the investment horizon.



Solution

B is correct because the client is the trust/trustees, not the beneficiary. Mawar followed Standard III(C) –Suitability by managing the trust assets in a way that would likely result in a stable source of income while keeping the risk profile low, thereby complying with the investment objectives of the trust.

A is incorrect because Mawar did not violate any Standard as she managed trust assets considering the suitability for the client, not the beneficiary.

C is incorrect because the client is the trust/trustees, not the beneficiary. Therefore the time horizon of the investment is not relevant.


请问:我们所服务的客户到底应该是 受益人 还是应该是 雇佣manager的trust?这个怎么判断。




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王暄_品职助教 · 2022年05月17日

那这个题目中,我们忽视最终受益人的要求,又是什么道理呢?

这是因为受益人首先是个孩子,然后他提出的要求风险太高,不符合他整个IPS的风险容忍度,所以manager最终的行为是有利于客户的,所以正确。

王暄_品职助教 · 2022年05月16日

我们所服务的客人就是:受益人;并不是委托人(当然如果委托人=受益人,那就是一个人)

所以我们所作的投资决定一定要有利于最终的受益人

sipingboy · 2022年05月16日

那这个题目中,我们忽视最终受益人的要求,又是什么道理呢?

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