Joe Robison, CFA is an investment manager

问题：

Joe Robison, CFA is an investment manager with full responsibility for the Gemstone Corporation relationship. During the past 12 months Joe has used 75% of the client brokerage of Gemstone to execute the Company’s stock trades and to directly assist in the investment decision process of Gemstone: Joe has independently obtained best price and execution for all of Gemstone’s stock trades. The remaining 25% of the client brokerage has been used to purchase bookshelves and computer chairs for Joe’s investment firm’s library. Which of the following is the most accurate statement pertaining to Joe’s use of the above soft dollars （）

A. Joe has properly used Gemstone’s client brokerage since he obtained best price and execution for all of the stock trades.

B. The 75 % of the client brokerage used by Joe was in full compliance with the Soft Dollar standard. The remaining 25% use of Gemstone’s client brokerage should be disallowed since it did not directly assist Joe in the investment decision process of Gemstone.

C. Joe’s use of soft dollars for Gemstone was proper since the client brokerage is the property of the investment firm and can be allocated per the direction of the investment manager.