mi grabbo, cfa, is a highly regarded portfolio manager for atlantic advisors, a mid-sized mutual fund firm investing in domestic securities. she has watched the hedge fund boom and on numerous occasions suggested that her firm create such a fund. senior management has refused to commit resources to hedge funds. attracted by potential higher fees associated with hedge funds, grabbo and several other employees begin development of their own hedge fund to invest in international securities. grabbo and her colleagues are careful to work on the fund development only on their own time. because atlantic management thinks hedge funds are a fad, she does not inform her supervisor about the hedge fund creation. according to the standards of practice handbook, grabbo should most likely address which of the standards immediately?
