NO.PZ2022120703000012
问题如下：
Which of the following groupings are best described as asset owners in the financial system value chain?
选项：
A.Fund managers, endowments and banks B.Pension funds, insurance companies and foundations C.Sovereign wealth funds, family offices and investment consultants解释：
B is correct because asset owners include "pension funds, insurers, banks, sovereign wealth funds, foundations, endowments, family offices, individuals."
A is incorrect because asset managers "act as agent on behalf of clients (asset owners)" and are differentiated from asset owners in the value chain. "The main stakeholders are: Asset owners … Asset managers."
C is incorrect because investment consultants are intermediaries and act between asset owners and asset managers in the value chain by "providing investment advice" , and therefore represent their own category. Also, "the main stakeholders are: Asset owners … Asset managers … Fund promoters." Since asset consultants are fund promoters, they are not part of the asset owner group.
Pension funds 的asset owner不是trustees么？为什么这里Pension funds 算是asset owner呢？
