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cst6666 · 2024年07月13日

为什么选c

NO.PZ2023021602000086

问题如下:

Colleen O'Neil, CFA, manages a private investment fund with a balanced global investment mandate. Her clients insist that her personal investment portfolio replicate the investments within their portfolios to assure them she is willing to put her own money at risk. By undertaking which of the following simultaneous investment actions for her own portfolio would O'Neil most likely be in violation of Standard VI(B): Priority of Transactions?

选项:

A.Sale of a listed US blue chip value stock

B.Purchase of a UK government bond in the primary market

C.Participation in a popular frontier market IPO

解释:

Standard VI(B): Priority of Transactions dictates members and candidates give their clients and employer priority when making personal investment transactions. Even when clients allow or insist the manager invest alongside them, the manager's transactions must never adversely affect the interests of the clients. A popular or "hot" IPO in a frontier market is likely to be oversubscribed. In such cases, Standard VI(B) dictates that the manager should not participate in this event to better ensure clients will have a higher probability of getting their full subscription allotment, even though clients have allowed or dictated that she participate alongside them.

是因为是ipo是吗?

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王暄_品职助教 · 2024年07月13日

是的,选择C是因为它涉及到一个热门的IPO(首次公开募股)投资。根据标准VI(B):交易优先级,成员和候选人在进行个人投资交易时,必须给予客户和雇主优先权。即使客户允许或坚持要求经理与他们一起投资,经理的交易也绝不能对客户的利益产生不利影响。


在一个热门的或“抢手”的边疆市场IPO中,很可能出现超额认购的情况。在这种情况下,标准VI(B)规定,经理不应参与此类活动,以更好地确保客户有更高的概率获得其全额认购配额,即使客户允许或指示她与他们一起参与。

因此,选项C“参与一个热门的边疆市场IPO”最有可能违反标准VI(B):交易优先级,因为在这种情况下,O'Neil的投资行为可能会影响到她客户的利益。

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