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椰子鸡 · 2024年05月17日

A为什么错

NO.PZ2023021602000041

问题如下:

Heidi Halvorson, CFA, is the chief investment officer for Tukwila Investors, an asset management firm specializing in fixed-income investments. Tukwila is in danger of losing one of its largest clients, Quinault Jewelers, which accounts for nearly one-third of its revenues. Quinault recently told Halverson that Tukwila would be fired unless the performance of Quinault's portfolio improves significantly. Shortly after this conversation, Halvorson purchases two corporate bonds she believes are suitable for any of her clients based on third-party research from a reliable and diligent source. Immediately after the purchase, one bond increases significantly in price while the other bond declines significantly. At the end of the day, Halvorson allocates the profitable bond trade to Quinault and the other bond to two of her largest institutional accounts. Halvorson most likely violated the CFA Institute Standards of Professional Conduct in regard to:

选项:

A.client suitability. B.third-party research. C.trade allocations.

解释:

The investment officer failed to deal fairly by allocating profitable trades to a favored client at the expense of others, a violation of Standard III(B): Fair Dealing. The standard requires members and candidates to treat all clients fairly when taking investment action. Tukwila should have a systematic approach to allocating trades, such as pro rata, before or at the time of trade execution, or as soon as possible after trades are executed. The analyst believes the bonds are suitable for any of her clients, so she has not violated Standard III(C): Suitability.

Shortly after this conversation, Halvorson purchases two corporate bonds she believes are suitable for any of her clients based on third-party research from a reliable and diligent source. 

没有尽职调查呀。

1 个答案

王暄_品职助教 · 2024年05月17日

嗨,爱思考的PZer你好:


问题的重点在于,Heidi Halvorson 作为 Tukwila Investors 的首席投资官,在面临失去大客户 Quinault Jewelers 的压力下,购买了两种公司债券,并在交易后立即将盈利的债券交易分配给 Quinault,而将亏损的交易分配给其他大客户。

A. client suitability:根据描述,“Halvorson believes the bonds are suitable for any of her clients”,这表示她认为这些债券适合她的任何客户。因此,在适合性方面她没有违反职业道德。

B. third-party research:描述中提到,Halvorson 是基于来自可靠和勤奋来源的第三方研究来做出购买决策的。这表明她依赖了外部研究,并且这个来源被认为是可靠和勤奋的。因此,在第三方研究方面,她似乎没有违反任何规定。

C. trade allocations:这是问题的核心。Halvorson 在交易后立即将盈利的交易分配给了一个受优待的客户(Quinault),而将亏损的交易分配给了其他客户。这种行为违反了“公平交易”的原则。CFA Institute 的 Standard III(B): Fair Dealing 要求会员和候选人在采取投资行动时公平对待所有客户。

关于您提到的“没有尽职调查”的问题,从描述中可以看出,Halvorson 是基于来自“可靠和勤奋来源”的第三方研究来做出决策的。这表明她并不是凭空决策,而是有一定的研究基础。因此,从提供的信息来看,她在选择债券时是进行了一定的尽职调查的。然而,尽职调查不仅仅局限于选择适合的投资产品,还包括如何公平地对待客户,特别是在交易分配方面。在这个案例中,虽然她可能进行了适当的投资研究,但在交易分配上显然没有做到公平,从而违反了职业道德。

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