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Ethics & accountability · Ethical pushback

A portfolio manager asks you to move a large order to the end of the day so the fund's marked NAV looks stronger at month-end, just ahead of a client review. It's technically within your discretion on timing. How do you respond?

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Timing discretion exists to get the client a good fill, not to paint a month-end mark, and the moment the stated reason is 'make NAV look stronger for the review,' this stops being discretion and becomes window-dressing.

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