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Philip Greely, the senior partner of a large old-line law firm, was pleased and not terribly surprised when a valued client asked him to serve as trustee of a substantial trust that was being established for the benefit of the client's children. After all, Greely was highly regarded for his judgment and experience, and this assignment offered him the opportunity to further cement the bonds he had established over time with the client.
Greely also felt confident that he was up to the task, having managed his own financial affairs for many years. His personal investment portfolio was conservative and high in quality, consisting exclusively of 'blue chip' U.S. stocks and government bonds. In addition, he sat on his firm's Investment Committee, which handled the management of the firm's sizeable pension plan. Although he was somewhat passive in his participation on the committee, he knew that the plan's assets, too, were safely invested in large U.S. companies and Treasury bonds.
Because this new assignment as trustee involved one of his biggest clients ' and someone else's money ' in an abundance of caution Greely decided to investigate whether the position involved any additional or unexpected responsibilities. He asked one of his firm's associates to research the issue and let him know what was expected of him under the requirements of the law. A short while later the associate returned and informed Greely that the entire answer was contained in a portion of the state's code that articulated what is known as 'The Prudent Investor Rule.'
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