Ethics

A portfolio manager at a large asset management firm receives a request from a major institutional client to tilt the client’s portfolio toward energy sector equities. The client explains that several of the firm’s senior executives have recently taken board seats at energy companies and would view the tilt favorably. The portfolio manager knows the tilt is inconsistent with the client’s stated investment policy statement and risk tolerance. She also knows that the client represents 30% of her division’s revenue. Which of the following best describes the competing ethical considerations the portfolio manager faces?