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NO.PZ202206210200000101 问题如下 Chattahoochee Aisers Case ScenarioMiller tells Browne, “Chattahoochee provis its services to relatively small institutioninvestors, typically those with assets of US0 million–US00 million. Your primary gois to attranew clients in our three primary target areas: insurancompanies, finebenefit pension fun, anenwments anfountions.”Miller continues, “The asset portfolios of our clients cvary wily. How well you unrstanthe fferences between the investment approaches usevarious institutions?”Browne replies, “I’m familiwith a number of them. For our clients with long-term horizons anrelatively low liquity nee, we coulrecommenthe Canamol, whientails a high exposure to alternative investments. Given their primary investment objectives, pension fun aninsurancompanies are usually well suiteto the liability-iven investing mol.” Browne asks Miller for some aion veloping a proposfor a potenticlient, the finebenefit pension plfor Tucker Manufacturing. Tucker is a publicly trafirm whose stois a part of the Russell 2000 Inx. The firm hbeen in business for 82 years anha Fitcret rating of BBB+. The plan, whies not require any contributions from employees, h160 retirees an280 active employees. Employees vest fully after six years of service. The average age of active employees is 54 years, their average length of serviis 26 years, anemployees mretire anbegin to collebenefits after 30 years of service. Benefits are baseon years of servianthe average salary ring the last five years of service. Retirees receive a cost-of-living austment baseon changes in the consumer priinx. Prior to retiring, employees cchoose to receive a lump sum payment in plaof future pension benefits. The asset allocation of the portfolio is37% publicly traequity, mostly small-cgrowth equities, about half of whiis in Tucker common stock, whiis consirea growth stoanpays no vin;29% private equity, investein two recently launchefun; an34% rectly ownereestate, consisting of vacant lanthis expecteto velopein 15–20 years.The current value of plassets is US09 million. Values are calculateusing market prices where available anthirparty appraisals or valuations where market prices are unavailable or stale. The value of plliabilities is US3 million, whiis calculatescounting projectebenefit payments using a scount rate equto the average totreturn the current asset allocation woulhave earneover the last 15 years. Browne tells Miller thTucker Manufacturing’s management is happy the value of plassets excee the value of plliabilities US6 million. The company anticipates recorng asset on its balansheet calle“plsurplus” in this amount. She asks him whether he sees any problems with this ia.Miller remin Browne thher proposshoulincate any risks present in the Tucker pension funthwoulrecethe Chattahoochee investment proposal. Browne respon, “I have been evaluating a number of potentirisk sources anhave intifiesome concerns thI will raise.”Browne also shares her proposfor a reviseinvestment objective for the Tucker pension:The primary objectives of the Tucker Manufacturing pension plare to maintain asset portfolio this ration matcheto plliabilities anover the long term earns a return equto the inflation rate plus the growth rate in salaries of Tucker Manufacturing employees. The seconry objectives of the plare to prevent being unrfunanavoiincreasing requiresponsor contributions above their historiclevel.QuestionWhicharacteristic woulleast likely affeBrowne’s ability to attranew clients from his universe of target institutioninvestors? A.Scale B.Investment horizon C.Regulatory requirements SolutionA is correct. Small institutioninvestors, suthose in Browne’s US0 million–US00 million universe, typically outsourinvestment management operations. They lasufficient scale to hire aquate resources for investment function. Insurancompanies have investment horizons thare fferent from those of enwments anfountions anfinebenefit plans. Eaof these types of institutioninvestors fafferent regulatory requirements. B is incorrect. Insurancompanies have investment horizons thare fferent from those of enwments anfountions anfinebenefit plans. C is incorrect. Eaof these types of institutioninvestors fafferent regulatory requirements. 老师，麻烦完整一下解答一下，谢谢