问题如下:
3.Kingswood Manufacturing Company, a core-plus fixed-income client, informs Belltower in writing that, in the future, all security transactions must be approved in advance by Kingswood’s controller. The most likely consequence is that Belltower must prospectively exclude the Kingswood portfolio from:
选项:
A.all composites.
B.total firm assets.
C.the core-plus fixed-income composite only.
解释:
A is correct.
The client’s prior approval authority for security transactions appears to render the portfolio non-discretionary. Provision I.3.A.1 states, in part, that "non-discretionary portfolios must not be included in a firm’s composites." B is incorrect because, in accordance with Provision I.0.A.13, total firm assets must include all discretionary and nondiscretionary assets managed by the firm. (See Sections 3.1 and 3.7 of the reading.)
之前有道题答案说到non-discretionary的在计算performance时也要考虑、但判断是否属于被管理的total asset时要剔除,按这么理解,b选项为什么会错呢