Q.
Which of the following is not a reason that an investor might favor a separately managed account rather than a pooled vehicle? The investor:
1. is tax exempt.
2. requires real-time details on investment positions.
C. has expressed certain constraints and preferences for the portfolio.
Solution
A is correct. The tax advantages to separately managed accounts do not accrue to a tax exempt investor. Choices B and C are considerations that reflect the investor’s preferences and could be better satisfied using a separately managed account.
请问为什么A不对?
我的理解是如果investor是tax exempt那么可以根据这个情况customize策略 所以用SMA?