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ditto · 2018年06月17日

问一道题:NO.PZ2016032801000028 [ CFA I ]

问题如下图:

选项:

A.

B.

C.

解释:

题干中最后一句话的soft dollar invest ment是什么意思,和前面的描述有什么联系呢。
1 个答案
已采纳答案

发亮_品职助教 · 2018年06月19日

Asset manager替客户管理资产,账户里的钱是客户的,交易费用也是出自客户的账户;但是交易时,大部分情况是asset manager选择dealer或者broker执行下单交易。选择的标准就是best execution、fees合理等等,总之就是最有利于客户,和投资。

所以这个选择dealer的权利在投资经理。

但是dealer的收费可能不同,有的高有的低。再他们都提供best execution的情形下:

比如A收100元,B收120元。B高的这20元就是soft dollar。

选择B做交易,并且多付了这20元的原因只能是B能提供其他服务,并且这些服务能有利于为投资者做投资,如提供research等。

有些账户是不允许有soft dollar的,所以投资经理选择dealer时,只能选择best execution和价格合适的。不能掏多余的钱去买除了execution之外的服务,如research等。


题干的描述是,这个dealer,提供的新服务只有execution,而且收费更低。但是为了吸引更多的账户,这个dealer给投资经理提供的是老的服务(Execution和research),但是收费是按新的服务费用收的。并且仍然是best execution和相同类型相比是low-fee。

所以虽然这个禁止soft-dollar的账户有了多余的服务research,但是没有多掏钱,即没有soft dollar。所以符合账户要求的,是OK的。

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