AIF Practice Questions - Accredited Investment Fiduciary (AIF) Exam

An ERISA committee hires a section 3(38) investment manager. What fiduciary responsibility remains with the committee?

None, because investment discretion has been completely outsourced The duty to prudently select and monitor the 3(38) manager The duty to choose every security in the portfolio The duty to guarantee participant investment results

Correct Answer:

The duty to prudently select and monitor the 3(38) manager

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