hard · CFA Level I ethics
Westfork Bancorp is the sole advisor for an oversubscribed IPO of Caldera Glass. The firm receives an allocation of 20,000 shares. Total client demand consists of 45,000 shares from institutional accounts and 15,000 shares from retail accounts. Additionally, a portfolio manager at Westfork placed a 5,000-share order for her personal brokerage account.
Under the Standards of Professional Conduct, the number of shares that should be allocated to the manager's personal account is closest to:
- 1,538
- 1,667
- 0
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