2. Umi Grabbo, CFA, is a highly regarded portfolio manager for Atlantic Advisors, a mid-sized mutual fund firm investing in domestic securities. She has watched the hedge fund boom and on numerous
occasions suggested her firm creates such a fund. Senior management has refused to commit
resources to hedge funds. Attracted by potential higher fees associated with hedge funds, Grabbo
and several other employees begin development of their own hedge fund to invest in international
securities. Grabbo and her colleagues are careful to work on the fund development only on their own
time. Because Atlantic management thinks hedge funds are a fad, she does not inform her
supervisor about the hedge fund creation. According to the Standards of Practice Handbook, Grabbo
should most likely address which one of the Codes and Standards immediately?
A. Priority of Transactions
B. Disclosure of Conflicts
C. Additional Compensation Arrangements
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