原文：In the first Foster Asset Management board meeting after the sale, Calvin Lim, CFA, the firm’s chief investment officer (CIO), stated, “My investment team recently added real estate investment trust (REITs) to our model portfolio to see what the impact would be on investment returns for our clients if we added them to their portfolios. But this asset class has a much higher risk profile than our normal allowable assets.” Foster added, “After we analyzed the impact of adding this new asset class to our model portfolio, we made the decision to add the real estate exposure to all ofour client accounts. We found it is having a positive impact on portfolio returns and still complieswith the firm’s performance measurement policy.”
题目During Lim’s presentation to the board of directors, who mostly likely violated Standard III: Duties to Clients?
A. Lim B. Foster C. Lim and Foster
答案：C is correct. Both Lim, as CIO, and Foster, as the chair of the Investment Committee, most likely violated Standard III(C): Suitability. After realigning the model portfolio, they added REITs, a much riskier new asset class, to client portfolios. There is no indication they obtained client approval prior to adding the new riskier asset class to the clients’ portfolios or that the new asset class was even allowable according to the clients’ investment policy statements (some clients were invested only in money market instruments), nor did they confirm the suitability of a higher-risk asset class for all clients given that some of the clients had conservative risk profiles. Members and candidates have a responsibility to manage assets according to a predetermined specific mandate, including risk and liquidity constraints. Any change in the investment philosophy would require clients’ permission prior to implementation.
疑惑：Foster违规了我明白，但是Lim只是在model portfolio加入高风险资产看看影响也不行吗？没有真的加在客户的实际portfolio中也是违规？
