赵同学2021-11-15 21:26:43

百题Case 3 Marcia Lopez第二题，对于non discretionary client也没法在经过客户同意前交易，那给discretionary account操作为什么还违反fair dealing ? 我看到有老师回答【同学你好，nondiscretionary并非不归基金经理管，而是在投资时会存在些限制，无论是discretionary还是nondiscretionary client都是公司的客户，都需要对其公平对待。如果为80%的discretionary客户提前进行交易，就会损害剩余20%的non-discretionary客户的利益。】我想追问，百题GIPS Case3 Anton第三题B选项原文中说client portfolios that restrict the purchase of certain securities are excluded if this restriction hinders the portfolio manager's ability to execute the investment strategy.因为此时限制已经可以影响基金经理执行投资策略，这样才算是non discretionary. 另外课后题case 11Belltower的第18题也是：all security transactions must be approved in advance by Kingswood's controller. 都是在暗示non discretionary account里投资经理没啥权力执行交易，我理解是如果只是限制，不影响execute the investment strategy的account，也不属于non discretionary的。但凡属于non discretionary都是影响基金经理execute the investment strategy甚至可能所有交易都必须在交易前经过金主爸爸同意