NO.PZ2019092801000013
问题如下：
Five years after his
first meeting with Pua, Greslö monitors a private real estate investment that
Pua has held for one year. Until recently, the investment had been managed by a
local real estate specialist who had a competitive advantage in this market; the
specialist’s strategy was to purchase distressed local residential housing
properties, make strategic property improvements, and then sell them. Pua is
one of several clients who have invested in this opportunity.
Greslö learns that the specialist recently retired and
the investment is now managed by a national real estate company. The company
has told investors that it now plans to invest throughout the region in both
distressed housing and commercial properties. The company also lengthened the
holding period for each investment property from the date of the initial
capital call because of the complexity of the property renovations, and it
altered the interim profit distribution targets.
Discuss the
qualitative risk issues that have most likely materialized
over the past year.
选项：
解释：
Pua’s investment has
been affected by key person risk as shown by the effect of the management
change.
• Style drift has
occurred as shown by the change from a local to a regional investment strategy
and the expansion of the investment strategy to include commercial properties.
• The risk of the
investment has changed owing to the added complexity of the property
renovations.
• The longer holding
periods and the change in interim profit distribution targets will affect this
investment.
• Client/asset
turnover following the management change may now affect the performance of the
investment.
• The management
change may alter the client profile, which could have a negative effect on
investment performance.
Qualitative
considerations can lead to a better understanding of the revised strategy for
the investment and whether this investment remains suitable for Pua. Pua’s
investment has been affected by key person risk as shown by the management
change from the local manager to a national company. Style drift has occurred
as shown by the change from a local to a regional investment strategy and the
expansion of the strategy to include commercial properties.
The risk of the
investment has changed because of the added complexity of the renovations, and
monitoring the company’s risk management will be important for Greslö as she
manages Pua’s portfolio. Monitoring of the private real estate investment has
revealed discrepancies in the new management strategy of the national company
relative to the initial investment strategy of the local manager, including the
longer holding periods and the changed interim profit distribution targets.
Client/asset turnover following the management change may now significantly
affect the performance of the investment. Finally, the change in management may
alter the client profile, which could have a negative effect on investment
performance.
管理层变动的影响表明，Pua 的投资已受到关键人物风险的影响。
• 从本地投资策略到区域投资策略的转变以及投资策略扩展到包括商业地产，都显示了风格漂移。
• 由于物业翻新的复杂性增加，投资风险发生了变化。
• 持有期延长及中期利润分配目标的变化将影响本次投资。
• 管理层变动后的客户/资产周转率现在可能会影响投资业绩。
• 管理层变动可能会改变客户概况，从而对投资业绩产生负面影响。
定性考虑可以让您更好地了解修改后的投资策略以及该投资是否仍然适合 Pua。 Pua 的投资受到了关键人物风险的影响，从当地经理到国家公司的管理层变动就表明了这一点。从本地投资策略到区域投资策略的转变以及将策略扩展到包括商业地产，都表明风格发生了变化。
由于翻修的复杂性增加，投资风险发生了变化，在 Greslö 管理 Pua 的投资组合时，监控公司的风险管理将非常重要。对私人房地产投资的监测发现，国有公司新的管理策略与本地管理人的初始投资策略存在差异，包括更长的持有期限和变更的中期利润分配目标。管理层变动后的客户/资产周转率现在可能会显着影响投资业绩。最后，管理层的变动可能会改变客户的形象，这可能会对投资业绩产生负面影响。
这个考点容易被学员忽略，很少有考题，这个题填补了这个空缺
知识点是从下面的角度考虑
qualitative risk issues
the investment philosophy changes. purchasing distressed local residential housing properties through property improvements and selling to profit. then investing in both distressed housing and commercial properties and extending the holding period for each investment property.
the key person risk. the specialist recently retired and investment was managed by a national real estate company, which lead to changes in style.
