NO.PZ2019092801000013
问题如下：
Five years after hisfirst meeting with Pua, Greslö monitors a private real estate investment thatPua has held for one year. Until recently, the investment had been managed by alocal real estate specialist who had a competitive advantage in this market; thespecialist’s strategy was to purchase distressed local residential housingproperties, make strategic property improvements, and then sell them. Pua isone of several clients who have invested in this opportunity.
Greslö learns that the specialist recently retired andthe investment is now managed by a national real estate company. The companyhas told investors that it now plans to invest throughout the region in bothdistressed housing and commercial properties. The company also lengthened theholding period for each investment property from the date of the initialcapital call because of the complexity of the property renovations, and italtered the interim profit distribution targets.
Discuss thequalitative risk issues that have most likely materializedover the past year.
解释：
Pua’s investment hasbeen affected by key person risk as shown by the effect of the managementchange.
• Style drift hasoccurred as shown by the change from a local to a regional investment strategyand the expansion of the investment strategy to include commercial properties.
• The risk of theinvestment has changed owing to the added complexity of the propertyrenovations.
• The longer holdingperiods and the change in interim profit distribution targets will affect thisinvestment.
• Client/assetturnover following the management change may now affect the performance of theinvestment.
• The managementchange may alter the client profile, which could have a negative effect oninvestment performance.
Qualitativeconsiderations can lead to a better understanding of the revised strategy forthe investment and whether this investment remains suitable for Pua. Pua’sinvestment has been affected by key person risk as shown by the managementchange from the local manager to a national company. Style drift has occurredas shown by the change from a local to a regional investment strategy and theexpansion of the strategy to include commercial properties.
The risk of theinvestment has changed because of the added complexity of the renovations, andmonitoring the company’s risk management will be important for Greslö as shemanages Pua’s portfolio. Monitoring of the private real estate investment hasrevealed discrepancies in the new management strategy of the national companyrelative to the initial investment strategy of the local manager, including thelonger holding periods and the changed interim profit distribution targets.Client/asset turnover following the management change may now significantlyaffect the performance of the investment. Finally, the change in management mayalter the client profile, which could have a negative effect on investmentperformance.
管理层变动的影响表明，Pua 的投资已受到关键人物风险的影响。
• 从本地投资策略到区域投资策略的转变以及投资策略扩展到包括商业地产，都显示了风格漂移。
• 由于物业翻新的复杂性增加，投资风险发生了变化。
• 持有期延长及中期利润分配目标的变化将影响本次投资。
• 管理层变动后的客户/资产周转率现在可能会影响投资业绩。
• 管理层变动可能会改变客户概况，从而对投资业绩产生负面影响。
定性考虑可以让您更好地了解修改后的投资策略以及该投资是否仍然适合 Pua。 Pua 的投资受到了关键人物风险的影响，从当地经理到国家公司的管理层变动就表明了这一点。从本地投资策略到区域投资策略的转变以及将策略扩展到包括商业地产，都表明风格发生了变化。
由于翻修的复杂性增加，投资风险发生了变化，在 Greslö 管理 Pua 的投资组合时，监控公司的风险管理将非常重要。对私人房地产投资的监测发现，国有公司新的管理策略与本地管理人的初始投资策略存在差异，包括更长的持有期限和变更的中期利润分配目标。管理层变动后的客户/资产周转率现在可能会显着影响投资业绩。最后，管理层的变动可能会改变客户的形象，这可能会对投资业绩产生负面影响。
这个考点容易被学员忽略，很少有考题，这个题填补了这个空缺
知识点是从下面的角度考虑
会出这类问答题吗？这也要背吗…
