问一道题：NO.PZ201604030100004305 第5小题 [ CFA II ]

NO.PZ201604030100004305问题如下Samuel Telline, CFis a portfolio manager Aiklin Investments with scretionary authority over all of his accounts. One of his clients, AlCaper, Chief Executive Officer (CEO) of Ellipse Manufacturing, invites Telline to lunch. the restaurant, the CEO reveals the reason for the lunch. \"you know ReinholPartners hma unsolicitecash offer for all outstanng shares of Ellipse Manufacturing. Reinholhma it clethI will not CEO if they are successful. I cassure you thour shareholrs will better off in the long term if I’m in charge.\" Caper then shows Telline his projections for a new plsigneto boost both sales anoperating margins. \"I know thyour firm is the trustee for our firm’s Employee StoOwnership Pl(ESOP). I hope ththe trustee will vote in the best interest of our shareholrs—anthwoula vote against the takeover offer.\" After looking through Caper’s business plans, Telline says, \"This pllooks goo I will recommenththe trustee vote against the offer.\"Caper respon, \"I remember my frienKaren Leighton telling me ththe Leighton Family’s Trust is manageyour firm. Perhaps the trustee coulvote those shares against the acquisition well. Karen Leighton is a close frien I sure thshe woulagree.\" Telline respon, \"The Family Trust is no longer manageAiklin.\" He as, \"I unrstanththe Trust is very conservatively manage I uit thit woulhave holngs in Ellipse Manufacturing.\" Telline es not mention thalthough the Family Trust hchangeinvestment managers, Karen Leighton remains important client Aiklin with significant personholngs in Ellipse. After lunch, Telline meets with Syey Brown, CFtrustee of the Ellipse ESOP. He shows her Caper’s plfor improvements. \"I think the plis a gooone anCaper is one of the firm’s most profitable accounts. We n’t want to lose him.\" Brown agrees to analyze the plan. After thoroughly analyzing both the planthe takeover offer, Brown conclus ththe takeover offer is best for the shareholrs in the ESOP anvotes the plan’s shares in favor of the takeover offer. A few months later the acquisition of Ellipse ReinholPartners is complete Caper again meets Telline for lunch. \"I receivea generous severanpackage anI’m counting on you to manage my money well for me. While we are on the subject, I woullike to more aggressive with my portfolio. With my severanpackage, I ctake aitionrisk.\" Telline anCaper scuss his current financisituation, risk tolerance, anfinanciobjectives throughout lunch. Telline agrees to aust Caper’s investment polistatement (IPS) to reflehis greater appetite for risk anhis increasewealth. Bathe office, Telline realizes thwith the severanpackage, Caper is now his wealthiest client. He also realizes thCaper’s increaseappetite for risk gives him a risk profile similto thof another client. He pulls a copy of the other client’s investment polistatement (IPS) anreviews it quickly before realizing ththe two clients have very fferent tsituations. Telline quickly revises Caper’s IPS to reflethe changes in his financisituation. He uses the other client’s IPS a referenwhen revising the section relating to Caper’s risk tolerance. He then files the reviseIPS in Caper’s file. The following week, Aiklin analyst issues a buy recommention on a small technology company with a promising software proct. Telline rea the report carefully anconclus it woulsuitable unr Caper’s new IPS. Telline places orr for 10,000 shares in Caper’s account anthen calls Caper to scuss the stoin more tail. Telline es not purchase the stofor any other clients. Although the one client hthe same risk profile Caper, thclient es not have cash available in his account anTelline termines thselling existing holngs es not make sense. In a subsequent telephone conversation, Caper expresses his lingering anger over the takeover. \"You ’t enough to persua Aiklin’s clients to vote against the takeover. MayI shoullook for investment manager who is more loyal.\" Telline tries to calm Caper but is unsuccessful. In attempt to change the topic of conversation, Telline states, \"The firm wjust notifieof our allocation of a long-awaiteIPO. Your account shoulreceive a significant allocation. I woulhate to see you lose out moving your account.\" Caper seems mollifieanconclus the phone call, \"I look forwarto a long-term relationship with you anyour firm.\" Aiklin stributes a copy of its firm policies regarng IPO allocations to all clients annually. Accorng to the policy, Aiklin allocates IPO shares to eainvestment manager aneamanager hresponsibility for allocating shares to accounts for whithe IPO is suitable. The statement also scloses thAiklin offers fferent levels of servifor fferent fees. After carefully reviewing the proposeIPO anhis client accounts, Telline termines ththe IPO is suitable for 11 clients inclung Caper. Because the is oversubscribe he receives only half of the shares he expecte Telline rects 50% of his allocation to Caper’s account anvis the remaining 50% between the other ten accounts, eawith a value equto half of Caper’s account. 5. Is Aiklin’s poliwith respeto IPO allocations consistent with requireanrecommenCFA Institute Stanr?A.Yes.B.No, because the IPO polisaantages certain clients.C.No, because the fferent levels of servisaantage certain clients.B is correct.The firm violates StanrIII(–Fair aling. Unr Aiklin’s policy, some clients for whom IPO is suitable mnot receive their pro-rata share of the issue. CFA Stanr recommenthfirms allocate IPOs on a pro-rata basis to clients, not to portfolio managers. 请问B答案和C答案的区别C答案错在哪儿？

同时这篇文章的下文也说了是基金经理分配给客户份额啊，我觉得先分配给基金经理，基金经理在分配没啥问题吧？

此题人家没说不按比例分配吧？难道不是把份额分给基金经理，基金经理在分配给客户吗？难道是公司直接分配给客户？