开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

liutiegang · 2020年10月11日

问一道题:NO.PZ201604030300004104 第4小题 [ CFA III ]

* 问题详情,请 查看题干

问题如下:

4. After his initial meeting with Black, does Locke’s decision to allow NGM to continue managing the portfolio violate the CFA Institute Standards of Professional Conduct?

选项:

A.

No.

B.

Yes, because he allowed political factors to influence his decision.

C.

Yes, because he is obligated to immediately suspend NGM until he finishes his evaluation.

解释:

A is correct.

Until Locke’s investigation is complete, he has no obligation to suspend the manager or take any other action. He believes the manager can and does add value through superior returns and diversification, and therefore it may be reasonable to retain NGM if Locke can be satisfied that the manager can act within the constraints of the IPS and CFA Institute Standards. Until the analysis is complete, it would not be practical, and Locke would be violating his duty to act in his clients’ best interests by suspending the manager and leaving the assets unmanaged or to temporarily moving them to another manager for safe-keeping.

既然已经发现前面提到的有明显偏离ips要求、ipo不当修正等情况,为什么还要放任NGM继续投资呢,只要是return满足要求就可以吗? 韩韩_品职助教 · 28月前 同学你好,虽然之前讲了有一些小问题,但是NGM在return上,diversification上都是可以满足公司的要求的,这就是很充分的理由了。 老师您好,这是我看到的之前同学的提问和老师的回答。我的问题是:在return、diversification满足的情况下,IPS未被遵守算是小问题?IPS都不当回事了,颠覆整个知识体系了吧?是不是有另一个角度来看这道题?
1 个答案

王暄_品职助教 · 2020年10月12日

嗨,努力学习的PZer你好:


这题确实是挺奇葩的,我给你阐述一下整个过程吧,希望能帮助你的理解。

1. Locke之前并没有完成evaluation,case中提到 “he will allow NGM to continue to manage Fund assets until he finishes his evaluation”(意思是在评估结束之前,Locke会继续使用它),因为:

  • 考虑到NGM给他的pension fund带来的high return,diversification,以及political pressure;

2. Next week, Locke认为如果NGM可以遵循CFA standard且comply with mandate,则可以继续保留NGM。

3. 但case结尾处,Black的回应进一步violate CFA standard:

  • 在事后review 客户的IPS;
  • 错误的分配客户的interest且错误弥补错误:因为NGM不仅要把错配的interest还给客户,还要把这些interest能进一步带来的return还给客户

4. 综上所述,整个evaluation完成后,这样的manager是不负责也不遵守CFA standards的,所以为了保护 beneficiaries的利益,需要eliminate NGM


-------------------------------
努力的时光都是限量版,加油!