问题如下图：
选项：
A. 
B. 
C. 
解释：
discretionary 和non discretionary 是相对谁来说的？是manager 还是clients ？这里Sastre的account 是discretionary 的，说明manager 是有权利决定选择哪个advisor 吧？
发亮_品职助教 · 2019年04月02日
Discretionary和Non-Discretionary是形容基金账户的。
Discretionary是指账户的投资决策由基金经理全权负责，投资决策完全由基金经理完成，所以这种账户的投资收益真实地反映了基金经理的水平。
而Non-Discrentionary是指基金账户投资决策只能由客户决定，基金公司充当Advisor的职责。所以这种账户的投资收益，不能真实反映基金经理的水平。这里的Discretionary主要指投资决策。
Manager可为客户的账户选择合适的Advisor、Dealer、Broker等，但是客户也是可以自己指定不同的Advisor、Dealer、Broker的。这个选择是和投资决策无关的。本题的账户还是一个Separate账户，所以客户为自己的账户指定Broker、Advisor是可以的。
但是Discretionary的投资决定是由基金经理完成的。
NO.PZ201604030300005003 问题如下 Henry Schmi, viZane, anAnew Ronol founSZR LLC (SZR), investment aisory firm managing portfolios for invials. Although none of the founrs hol the CFA charter, SZR haptethe CFA Institute Asset Manager Co of ProfessionConct.SZR’s client portfolios average $50,000 anare entirely investein SZR’s comminglefun manageRonol. Ronol implements a quantitative enhanceinx process in SZR’s funanhconsistently aemorate performan(alphover the funs micbenchmark inx. After five years of strong performance, Ronol worries ththe micfunwill lbromarket inces, so he cis to broan the funs strategy. After ing research, he as micro-cap, foreign, anconvertible preferrestocks to the funanubles some holngs so ththeir weights are mularger ththey are in the benchmark inx. Sinthe funachieves even stronger performance, both against the benchmark micinx anmajor market inces, Ronol plans to scrithe new strategy in the company’s next annunewsletter, e to sent to clients in three months.a prominent member of the community, Schmi hjust joinethe boarof a loccompany, Trezeguet Baking Company, whirecently went publiTrezeguet’s shares are in most micro-capitalization (cap) inces. a boarmember, Schmi receives a small annustipenof $2,000; however, he is granteseverthousanstooptions, whihe cexercise after 24 months’ boarservice. Sinhis stipenis insignificant anhe will not exercise his options for least 24 months, Schmi es not sclose his Trezeguet boarservito SZR clients.One of SZR’s clients is presint of Sastre International. Because of SZR’s success, this client hires SZR to manage $800 million of Sastre International’s corporate cash in a separate account, but asks thits hiring of SZR not ma publiSastre’s boarasks Ronol to reall of the Sastre account tras through a locfinanciaisor, to thank the aisor for selecting SZR. Ronol is concerneththis rection mlimit SZR’s ability to achieve best execution, but after Sastre acknowlees in writing ththis is their preference, Ronol agrees to follow Sastre’s rection.heof operations, Zane wishes to simplify trang animplements a new tra policy: first platras for the Sastre account through the locfinanciaisor anthen submit the comminglefuns tras through nationbrokerage houses anelectronic networks. The locfinanciaisor is pleasewith this arrangement, he is able to buy securities before other clients; he informs Zane thhe’ll recommenSZR to aitionclients.Schmi, SZR’s sales rector, sen the comminglefuns stellperformantrarecorto severinvestment consultants, who serve \"gatekeepers\" for large institutionclients, but he is tolthSZR is too small to consiretheir clients. After Schmi reveals thSastre hrecently hireSZR, anoffers to negotiate the same specifee scount thhbeen given to Sastre, one consultant agrees to consir SZR for its clients. The consultant incates thif SZR agrees to sponsor the consulting firm’s annuconference, Schmi will meet many potenticlients. Schmi consirs this conferensponsorship, but cis thit is too costly for SZR’s buet, so he clines the offer.SZR grows, Zane hires his brother-in-law, John Karna (top salesmfor a locauto parts company) ComplianOfficer. Karna is taskewith writing SZR’s Co of Ethianits Investment Policies anProceres Manual. Karna is also put in charge of the firm’s Business Continuity Plan. The plconsists of his taking home, eaevening, the computer recor of SZR’s ily tras.3. agreeing to Sastre’s rection, es Ronol violate the CFA Institute Asset Manager Co of ProfessionConct? A.No. B.Yes, only with respeto best execution. C.Yes, only with respeto fair anequitable tra allocation. A is correct.The Sastre boarrequests rectetrang for its scretionary account anacknowlees, in writing, thtrang through the locfinanciaisor mlimit best execution. this is a scretionary (not pension) account, the client hthe right to reto a less-than-optimtrang venue. 他明明知道这个公司不行，为啥不和客户argue一下，说清楚原因？题目没有体现他argue的过程，就直接接受了，不就是没有做好工作像之前的题目如果我们发了buy si，客户要sell，我们也要跟他沟通下，而不是直接接受它的sell orr
Yes, only with respeto best execution. Yes, only with respeto fair anequitable tra allocation. A is correct. The Sastre boarrequests rectetrang for its scretionary account anacknowlees, in writing, thtrang through the locfinanciaisor mlimit best execution. this is a scretionary (not pension) account, the client hthe right to reto a less-than-optimtrang venue. 这里不太能理解,不是non scretionary 的账户才是由客户指定的么？scretioanry的基金经理自主决定的不应该就是找一个best execution的吗