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皓皓心 · 2024年03月31日

custody 公司不是由G指定的么,F没权决定在哪托管,不是不应该算进asset里面吗

NO.PZ2022010601000005

问题如下:

F manages the securities investment portfolio for company G. The cash held in the investment portfolio is invested by the existing custodian bank of Company G, that is, F does not control this cash investment. Does F have to include cash and cash equivalents in the calculation of portfolio returns?

选项:

A.

Yes

B.

No, the cash is not controlled by F

C.

No, F does not have discretion over the selection of the custodian

解释:

A is correct.

The GIPS standards state, “Returns from cash and cash equivalents must be included in all return calculations, even if the firm does not control the specific cash investment(s).”

现金和现金等价物的回报必须包括在所有回报计算中,即使公司不控制特定的现金投资。

custody 公司不是由G指定的么,F没权决定在哪托管,不是不应该算进asset里面吗

1 个答案

伯恩_品职助教 · 2024年03月31日

嗨,爱思考的PZer你好:


但是在portfolio里的是F能控制的啊,只要F能控制portfolio,那么就要计算其所有的收益,包括托管的收益。

首先规定是规定,不要强行理解,就如同近期发生的很多法律事件,我们也不能理解,但是判罚还是根据法律。

然后我可以给你一些思路去理解,虽然托管银行产生的收益不能被F指定,但是这个托管能产生多少收益很大程度上是由F决定,因为F决定留存多少现金在托管银行里,收益的结果也是完全不一样的

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