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meredeth · 2019年05月24日

问一道题:NO.PZ2016040303000014

问题如下图:

    

选项:

A.

B.

C.

解释:


请问对discretionary账户的投资者有什么不同吗?二级道德好像特地考过这种客户和另一种客户(不记得叫啥了,与此对应的)在一些操作中的区别。

三级道德课听下来好像也一直没有这方面的讲解,请问是三级不做要求吗?

1 个答案

发亮_品职助教 · 2019年05月25日

Discretionary和Non-discretionary,三个级别都没讲,其实和道德准则没什么关系,就是一些题目描述题干的时候,会专门会提到是Discretionary、还是Non-discretionary的Account,但其实不影响做题。协会估计是把这个当常识了,三级GIPS核算Portfolio收益那里涉及到。


Discretionary是指账户的投资决策由基金经理全权负责,客户不参与投资决策。因为投资决策完全由基金经理完成,所以这种账户的投资收益真实地反映了基金经理的水平。像Mutual fund,还有这道题说的Pension fund就是Discretionary account,由投资经理会全权负责。

而Non-Discrentionary是指账户投资决策只能由客户决定,投资经理充当Advisor的职责,有点像投资顾问的感觉。所以这种账户的投资收益,不能真实反映基金经理的水平。

所以这里说Discretionary和Non-discretionary,就是说投资决策能否由基金经理自由决定。

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