NO.PZ2023010407000041
问题如下:
Five years after his first meeting with Pua, Greslö monitors a private real estate investment that Pua has held for one year. Until recently, the investment had been managed by a local real estate specialist who had a competitive advantage in this market; the specialist’s strategy was to purchase distressed local residential housing properties, make strategic property improvements, and then sell them. Pua is one of several clients who have invested in this opportunity.
Greslö learns that
the specialist recently retired and the investment is now managed by a national
real estate company. The company has told investors that it now plans to invest
throughout the region in both distressed housing and commercial properties. The
company also lengthened the holding period for each investment property from
the date of the initial capital call because of the complexity of the property
renovations, and it altered the interim profit distribution targets.
Discuss the
qualitative risk issues that have most likely materialized
over the past year.
选项:
解释:
Pua’s investment has
been affected by key person risk as shown by the effect of the management
change.
• Style drift has
occurred as shown by the change from a local to a regional investment strategy
and the expansion of the investment strategy to include commercial properties.
• The risk of the
investment has changed owing to the added complexity of the property
renovations.
• The longer holding
periods and the change in interim profit distribution targets will affect this
investment.
• Client/asset
turnover following the management change may now affect the performance of the
investment.
• The management
change may alter the client profile, which could have a negative effect on
investment performance.
Qualitative
considerations can lead to a better understanding of the revised strategy for
the investment and whether this investment remains suitable for Pua. Pua’s
investment has been affected by key person risk as shown by the management
change from the local manager to a national company. Style drift has occurred
as shown by the change from a local to a regional investment strategy and the
expansion of the strategy to include commercial properties.
The risk of the
investment has changed because of the added complexity of the renovations, and
monitoring the company’s risk management will be important for Greslö as she
manages Pua’s portfolio. Monitoring of the private real estate investment has
revealed discrepancies in the new management strategy of the national company
relative to the initial investment strategy of the local manager, including the
longer holding periods and the changed interim profit distribution targets.
Client/asset turnover following the management change may now significantly
affect the performance of the investment. Finally, the change in management may
alter the client profile, which could have a negative effect on investment
performance.
老师好,请教下这是在考哪个点