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灰飞翔的猫 · 2025年02月12日

不理解为啥选B

NO.PZ2023021602000083

问题如下:

Anna Saar, CFA, is the head of compliance for Tranne Advisory Services, a regional financial services group including asset management, investment banking, and stock brokerage entities. Reviewing a draft client investment management agreement for the asset management unit, she is concerned that the relationships between the firm's various business units are not properly disclosed. To prevent violating CFA Institute Standard VI(A)-Avoid or disclose conflicts, which of the following should least likely be addressed in the investment management agreement?

选项:

A.The group subsidizes staff loans for share purchases.

B.Management fees are frequently loss leaders for brokerage.

C.Asset managers are likely to support corporate finance deals.

解释:

A is correct because the group subsidizing staff loans for the purchase of shares is not a conflict of interest for clients because it is a funding mechanism and does not interfere with objectivity when rendering investment advice or taking investment action. However, asset managers subsidizing their asset management fees and supporting the investment banking corporate finance deals should be disclosed per Standard VI(A)-Conflicts of Interest and Standard VI(B)-Priority of Transactions, respectively.B is incorrect because asset managers subsidizing their asset management fees on the basis that they will use the group's brokerage services is a cross-departmental conflict of interest and should be disclosed in the section on cross-departmental conflicts.C is incorrect because the fact that the asset managers will support the investment banking corporate finance deals is a cross-departmental conflict of interest and should be disclosed in the section on cross-departmental conflicts.

能具体解释下各部门之间的关系,以及为什么B有可能违反么? A选项的话,如果公司提供买股票的贷款补贴,那么原来没买股票的分析师不就可以推荐他贷款买的那只股票了么?然后从中获益?

1 个答案

王暄_品职助教 · 2025年02月12日

各部门间关系就是:资产管理部门、投资银行部门和股票经纪部门均属同一金融服务集团,可能存在资源共享或利益输送。

B选项违反原因:如果资产管理部门以降低管理费为诱饵,促使客户使用集团内的经纪服务,这构成了跨部门利益冲突,需披露。

A选项解释:公司提供买股票的贷款补贴是内部员工福利,不影响分析师对客户投资建议的客观性,不构成直接利益冲突。分析师推荐股票应基于专业分析,而非个人贷款利益。

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