MAN1100 - Portfolio Manager Case Study - Management Assignment Help

Assignment Task

CASE STUDY

Imagine that you are a newly hired portfolio manager at Excalibur Funds. Although you are new to this job, you have eight years’ experience in the mutual fund business. You left a larger and more established mutual fund company to join Excalibur because of its reputation as a bright, up-and-coming investment company, a place where someone like yourself could participate in building a new and dynamic investment company. Your new portfolio, the Pioneer Fund, is a growth-oriented fund investing in small companies. Typically, the majority of the fund’s stock investments are in high-technology companies. Pioneer is moving up fast in its peer group, and if the fund continues to perform well, you stand a good chance of being the manager recognised when it breaks into the top tier of performance.

One of the features that attracted you to this job is the opportunity to work with a seasoned group of traders, analysts and staff professionals. The Pioneer Fund staff has averaged 10 per cent turnover over the past five years, unusual in an industry where turnover commonly reaches 60 to 80 per cent. After a month of working with your new team, however, you have noticed some troubling patterns. First, you felt that some of your staff were delaying or stonewalling you on several occasions when you requested more detailed information on particular trades. It took too long to get the information and when you did receive it the information looked a little too neat and well organised. Second, the analysts have seemed guarded regarding their interaction with some of the technology companies in which the Pioneer Fund invests. On more than one occasion, you’ve noticed analysts quickly ending phone calls when you entered the office, or minimising computer screens when you walk by their desks. Finally, the group just seems a bit too nice when you are around. The investment business is often hectic and stressful. Shouting matches over investment decisions are not uncommon in this business and grumbling is a second language. But all you get are smiles and charm.

So here you are at your desk on a Saturday evening, finishing off the last of a pot of coffee and planning for Monday morning. One thing is clear – you must begin to scratch below the surface of the Pioneer Fund team. Your intuition tells you that something is wrong here, perhaps very wrong. For all you know you may be sitting on the next big investment scandal. Your head tells you that you have no hard evidence of unethical or illegal behaviour and that you’d better tread carefully. If your intuition is wrong and you run around making hasty accusations, you may lose what appears to be a very talented investment team.

Question: What considerations would be important to you in developing a plan of action in this situation? Discuss Four (4) most important considerations.

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