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(๑• . •๑) · 2020年11月03日

问一道题:NO.PZ2016032801000013 [ CFA I ]

问题如下:

Jurgen is a portfolio manager. One of her firm’s clients has told Jurgen that he will compensate her beyond the compensation provided by her firm on the basis of the capital appreciation of his portfolio each year. Jurgen should:

选项:

A.

Turn down the additional compensation because it will result in conflicts with the interests of other clients’ accounts.

B.

Turn down the additional compensation because it will create undue pressure on her to achieve strong short-term performance.

C.

Obtain permission from her employer prior to accepting the compensation arrangement.

解释:

C is correct.

This question involves Standard IV(B) –Additional Compensation Arrangements. The arrangement described in the question whereby Jurgen would be compensated beyond the compensation provided by her firm, on the basis of an account’s performance is not a violation of the Standards as long as Jurgen discloses the arrangement in writing to her employer and obtains permission from her employer prior to entering into the arrangement. Answers A and B are incorrect; although the private compensation arrangement could conflict with the interests of other clients and lead to short-term performance pressures, members and candidates may enter into such agreements as long as they have disclosed the arrangements to their employer and obtained permission for the arrangement from their employer.

老师题目中并没有说fund manager已经披露了额外激励的自信,那么是不是可以判定他可能违反独立客观性呢?如果他收的不是additional compensation而是很贵的礼物奖励,是不是也是只要上司同意就可以收?

(๑• . •๑) · 2020年11月03日

老师题目中并没有说fund manager已经披露了额外激励的信息,那么是不是可以判定他可能违反独立客观性呢?如果他收的不是additional compensation而是很贵的礼物奖励,是不是也是只要上司同意就可以收?

1 个答案

Debrah_品职答疑助手 · 2020年11月04日

嗨,爱思考的PZer你好:


额外收入只要披露给雇主,而且雇主同意收,那么就可以收取,而不需要拒绝所有的额外收入。

向雇主披露后,雇主就有足够的信息,可以以公司的角度判断,这种额外的报酬是否会影响独立客观性,是否会影响其他顾客等等。如果雇主同意让你接受客户的奖励,就说明雇主认为这种报酬对你来说是OK的,不会影响你的独立客观性,fair dealing等。所以礼物贵重与否,也是需要披露给雇主的。

仅从题干,没有任何关于independence and objectivity的信息;如果题目额外加了信息,比如说,由于这种奖励的存在,基金经理对这个顾客的账户特别上心,而忽视了其他客户的账户。这时候,一定是违反independence的。


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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!


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