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Franklin City Employees Pension Plan's Investment Manager is Tom Wayne He just finished a fruitful hunt for a company to oversee the foreign equity allocation of the diverse portfolio of the plan. Following the recommended approach of looking for presentations from several reputable companies, he advised his board to choose Penguin Advisors based on its success 

record, well defined investment strategy, and experience. The company claims to have been validated and to have complied with the Global Investment Performance Standards (GIPS). After Penguin was chosen, a Franklin City Record reporter phones to inquire whether this action relates to the fact that Penguin was one of Wayne's sponsors for an earlier in the year 

investment fact-finding trip to Asia The tour was one among numerous carried out by the Pension Investment Academy, which hadTwo years ago, Bob Wade, Central Midas Bank's trust manager, received approache by Western Funds on Promotional ActivitiesFor her company, Jill Stein is head of performance monitoring. The investment profession is based 

On last trust Investors have to be

able to depend on the information and remarks given to them by people they have trusted with regard to their financial situation. False or misleading claims made by investment professionals not only damage investors but also lower investor trust in the investment profession and compromise the integrity of capital markets generally A misrepresentation is 

any false or deceptive statement or omission of a fact or another statement. Many members of the organization must not deliberately omit or create a false impression of a company, organization, or security in thearter.Pressure from different internal departments might lead to circumstances whereby a member or candidate breaks the Code and Standards. Stein has to 

keep her neutrality and freedom and avoid excluding particular stories from the performance composites of the company to which they fit. The poor stock choices that resulted in underperformance and asset withdrawal cannot be disregarded as long as the customer made investments under a strategy like that of the stated composite.The low caliber of their 

Recommendations led to the removal

from h departments. One bigger account holder suffered notable underperformance due to the inadequate research, which led to the client withdrawing his money at the conclusion of the quarter. The head of sales asks Stein to take this account off the performance composite since the performance drop can be ascribed to the departing research team rather than the Advisors, help the Pension Investment Academy pay for the cost of these visits; the 

adviser of the customer.Consider its family of funds, paying particular attention to the class of money designated for service fees. with order to attract Central Thompson to better grasp the risks involved with these fears and assesses these stocks in the worst-case scenario, an improbable but realistic environment, Thompson advises against buying the securitization 

based on the outcomes of the expanded scenarios. Against the general direction of the market, the management does not invest per Thompson's advice. The next year the housing market falls apart. By avoiding the subprime investments, Western Funds provided to pay the bank a 0.25% service fee beats its peer group that yearo promote. Wade instructed one of 

The investment managers to check

Western's assets to see whether they fit clients of Central Midas Bank without revealing the fee being paid to the bank. After doing the regular due diligence check, the management found that the fresh money was quite valued in the market with charge structures on par with rivals. Wade agreed to Western's offer and gave the team of portfolio managers instructions then covers all meals and lodging for the several pension plan managers 

to specifically highlight these funds and the service-fee class to clients looking to make new investments or transfers from their present ones Two years later, the money Western handled starts to lag behind its rivals. Wade keeps pushing these funds as suitable investments for Central's customers and depends on the fees to fulfill his profitability ambitions.set the 

calendar for the meetings joke: Wayne's advice of Penguin Advisors may be compromised by the possible conflict he experienced when he participated in a trip partially sponsored by Penguin Advisors and when he was in daily company of the president of Penguin Advisors, even if he can most likely put the knowledge he gained from the trip to good use in selecting 

Conclution

of managing the pension plan. Wayne's basic travel and lodging expenses should have been covered by his employer or the pension plan; contact with the president of Penguin Advisors should have been limited to informational or educational events only; and the trip, the organizer, and the sponsor should have been made public record. Standard I(B) should not have been broken. Wayne should have been aware of the public view of the trip when 

reported in the newspaper and the degree to which the subjective elements of his choice might have been influenced by the familiarity that daily contact of such a trip would inspire, even if his actions did not violate Standard I(B). Companies vying with Penguin Advisors most likely would not have this edge.the government, business, and financial officials of major Asian cities across multiple countries. A number of investment managers, including Penguin