In section 2.2 Major Components of an IPS the text says that the “Investment Guidelines section of an IPS provides information about how policy should be executed and on specific types of assets excluded from investment.” It mentions there is another section, “Investment Constraints, which presents the factors that constrain the client in seeking to achieve the investment objectives.”
However, in the solution to answer 4 of the practice problems, it says that the constraints are contained in the Investment Guidelines section: “Investment Guidelines are described as the section that provides information about how policy may be executed, including investment constraints”
I was wondering if anyone has any clarity on this - are investment constraints included in their own section as it says in 2.2, or are they lumped into the Investment Guidelines section as it says in the solutions to the practice problems?