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Alpha Asset Management manages portfolios for clients with more than $10 million in assets. Bob Smith, a portfolio manager at Alpha, is planning to leave Alpha to set up company Beta Investment Management, to focus exclusively on clients with less than $10 million in assets. While he is still employed at Alpha, Smith begins to solicit (on his own time) potential clients with less than $10 million in assets – clients that Alpha has previously rejected for being too small. According to the Standards of Professional Conduct IV(A) related to duties to employer, Smith’s solicitation of these clients is: A. acceptable as he is not in competition with his current employer. B. unacceptable as he may not engage in any activities to go into business while he is still employed by Alpha. C. unacceptable since the fact the Beta will not be in competition with Alpha is irrelevant. |