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Responsibility Essay

750 words - 3 pages

In this case, Hamlin has a fiduciary responsibility to Atlanta Park.

First, it is obvious that Hamlin and Atlanta Park are trustee and client respectively in this case. Meanwhile, Hamlin failed to fulfill the primary objective written in the agreement.

In September of 1991, Atlanta Park signed a discretionary account agreement, a contract giving Hamlin complete discretion to invest the money as it saw fit, which means that there was a fiduciary contract that regulars Hamlin and Atlanta Park actions and behaviors.

A discretionary account gives a broker the right to make significant investment decisions without permission from or even consultation with the account's owner. However, ...view middle of the document...

However, in the case, Hamlin was the trustee of Atlanta Park, as well as the controlling company of the HDSG fund. Undeniably, there existed mutually opposed interest between them. Assume Hamlin

In fact, Hamlin spared no effort to save its fund value, but not consider his clients’ interest.

2 To disclose conflicts
Managers must make full and fair disclosure of all matters that could reasonably be expected to impair their independence and objectivity or interfere with respective duties to their clients. They should ensure that such disclosures are prominent, are delivered in plain language, and communicate the relevant information effectively [3]

However, neither in the fund’s sales materials nor HDSG’s prospectus warns of the risk of such volatile derivatives. Hamlin informed Atlanta Park that the HDSG was a very safe bond fund. It also explained that the HDSG fund was structured so as to minimize volatility and price risk, while seeking a high level of income.

Last but not the least; the Hamlin Dewey must act with reasonable care and exercise prudent judgment. This duty illustrates that Hamlin Dewey must apply the following rules into the investment.
1 To establish the investment objectives of the client

Trustee should make a reasonable inquiry into a client’s investment...

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