Answer: beneficiaries of the fund.

## Explanation Rose Jay, CFA, owes her duty of loyalty to the **beneficiaries of the fund**. **Key Points:** - Under CFA Institute Standards, investment professionals managing pension or retirement funds have a **fiduciary duty** to the **ultimate beneficiaries** of those funds. - While the university president hired Jay, the duty of loyalty is owed to the **plan participants and beneficiaries** who will receive the retirement benefits. - This principle is consistent with Standard III(A): Loyalty, Prudence, and Care, which requires members to act for the benefit of their clients and place clients' interests before their own. - The beneficiaries are the ultimate clients who will benefit from the pension fund's performance, not the university or its president who hired the manager.

Author: LeetQuiz Editorial Team