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逐鹿大資管時(shí)代（英文版） 
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本書由中國證券投資基金業(yè)協(xié)會(huì)編著，介紹了大資管時(shí)代下全球金融領(lǐng)域內(nèi)最領(lǐng)先的機(jī)構(gòu)、專家、學(xué)者、管理人關(guān)于當(dāng)下金融行業(yè)的最新動(dòng)向與發(fā)展趨勢(shì)的前沿觀點(diǎn)，主題覆蓋了對(duì)沖基金、被動(dòng)投資、衍生品、私募股權(quán)投資、藝術(shù)品投資等金融領(lǐng)域眾多方面，有助于讀者汲取國際資本市場(chǎng)上的經(jīng)驗(yàn)和教訓(xùn)，進(jìn)而對(duì)我國資產(chǎn)管理行業(yè)存在的問題和機(jī)遇有更深入的思考。無論作為資產(chǎn)管理行業(yè)的從業(yè)者，還是關(guān)心我國資本市場(chǎng)發(fā)展的普通民眾，都能從中獲益匪淺。
中國證券投資基金業(yè)協(xié)會(huì)首部透視大資管時(shí)代下全球金融行業(yè)發(fā)展前景和動(dòng)向的重磅之作。 本書契合了中國基金行業(yè)不斷提升國際化水平的內(nèi)在需求，涵蓋了領(lǐng)航集團(tuán)、富達(dá)國際、信安環(huán)球、道富環(huán)球、德勤會(huì)計(jì)師事務(wù)所、中國社會(huì)科學(xué)院、英國劍橋大學(xué)等國內(nèi)外一線金融投資企業(yè)、研究機(jī)構(gòu)最新的投資理念、運(yùn)作模式、翔實(shí)案例介紹以及國際監(jiān)管動(dòng)態(tài)分析，對(duì)處在大資管時(shí)代的國內(nèi)資產(chǎn)管理機(jī)構(gòu)與監(jiān)管部門提供了參考與借鑒。 中國證券監(jiān)督管理委員會(huì)主席助理張育軍傾情作序；中國銀行業(yè)協(xié)會(huì)專職副會(huì)長楊再平、中國證券投資基金業(yè)協(xié)會(huì)兼職副會(huì)長范勇宏以及易方達(dá)基金劉曉艷、廣發(fā)基金林傳輝、上海重陽投資裘國根、匯添富基金林利軍、鵬華基金鄧召明、國泰基金金旭、中歐基金竇玉明、信誠基金王俊鋒、贏華基金成健等行業(yè)領(lǐng)軍人物鼎力推薦。 湛廬文化出品。
ASSETMANAGEMENTINANEWERA Amidacceleratingfinancialglobalization,theglobalas-setmanagementindustryhasservedasanimportantchannelforindividualsandinstitutionstopreserveandincreasetheirwealth.Theindustrynowplaysasignificantroleinpromotingfinancialsystemsandeconomicdevelopment.Sincethestartofthe21stCentury,China’sassetmanagementsectorhasprogressedconsiderablyintermsofthesizeandnumberoffirms.Theassetmanagementofpublicofferingfunds,securitiescompanies,andprivateequityfundsisundergoingrapidexpansion,makingitmorepossibleforthemtosupporttherealeconomy.Withtheassetmanagementsectorenteringanerainwhichthepaceofinnovationhasquickened,anewtrendthatintegratesbottom-upindustrialderegulationwithtop-downexplorationhasformed.China’snew-termCentralgovernmentiscommittedtostreamliningadministrationanddelegatingpower,aswellastodeepeningeconomic,financialandsocialreforms.ThishaspresentednewgrowthopportunitiestoChina’sassetmanagementsector.interestrateliberalizationreformwillcreatemoreinvestmentinstrumentsinthemoneymarket;thedevelopmentofamulti-levelcapitalmarketwillcreateabetterinvestmentlandscapefordevelopingtheChineseassetmanagementindustry;capitalaccountconvertibilitywillspurtheever-growingdemandforcross-borderinvestments;RMBinternationalizationwillsignificantlyenhancethestatusandweightingofglobalRMB-denominatedfinancialassets;andfinally,bothpensionsystemreformandtheneedforpensioninvestmentmanagementwillprovideroomfortheexpansionoftheindustry.AlthoughfundshavebecomeoneofthemainchoicesofwealthmanagementinChina,theyhavenotfullyplayedtheirroleinwealthmanagement,pensionsystems,thecapitalmarketandtherealeconomy,etc.,leavinghugespaceforexpansion,whencomparedwithdevelopedcountriesandmajoremergingmarkets. TheAssetManagementAssociationofChina,whichisestablishedpursuanttothenewSecuritiesinvestmentFundLaw,isaself-regulatoryorganizationthatrepresentsthefundindustryinChina.Adheringtoitsmissionof“service,self-disciplineandinnovation”,theAMACisdedicatedtoprovidingbetterservices.Sinceitsinception,theAMAChasbeencommittedtodevelopaplatformforexchangeandlearning,therebyconnectingdifferentassetmanagementsectors,buildingabridgebetweenChinaandtheworld,andfacilitatingexchangesanddiscussionsofindustrydevelopmentissues.TheExpertForumseries,oneoftheAMAC’swell-organizedevents,haveinvitedanumberofrenownedexpertsandacademicsathomeandabroadtospeak.Theforumcreatesaface-to-faceplatformwhereex-pertspeakersdiscussclassicacademictopicsaswellashotindustryissueswithparticipants.TheAMAChassofarheld21forums,whichwerewellreceivedbyindustryparticipantsandenabled24scholarsandassetmanagementexecutivestobringawealthofinformationandexperience. Inordertoprovidein-depthfirst-handinformationandpromoteadvancedconceptsoftheassetmanagementindustry,wehavecarefullyselected18articlesfromforummaterialsandcompiledthemintothisbook.Thebookstrivestoexhibitthefollowingfeatures: 1.Informationanddepth:Throughanalyzingforumlectures,weretaintheoriginalideasoftheexpertswhileintegratingrelatedfinancialknowledge. 2.Researchandreadability:Bycollectingforefrontinsightsfromtheassetmanagementsector,weuseclearandconciselanguagetohelpreadersbetterunderstandthelatesttrendsoftheglobalfinancialindustry. 3.Referenceandguidance:Thisbookcoversthelatestinvestmentphilosophies,modesofoperation,casesandregulatorydevelopmentstocatertothedemandsoftheindustrytoconstantlyenhanceitsinternationalization,andprovideguidanceandreferencetoassetmanagementinstitutionsandregulators. ThebookwaschieflycompiledbySunJie,PresidentoftheAMAC,andwrittenbystaffoftheAMAC’sinternationalAffairsDepartment. Wehavereceivedstrongsupportandguidancefrommanyexpertsandscholarsincompilingthebook.WewouldliketostartbythankingMr.LiWen,ChiefComplianceofficerofChinaUniversalAssetManagementCompany;ZhouHao,ChiefComplianceofficerofGTJAAllianzFunds;CharlesLinfromVanguardGroup;andQinYifromDeloitte,whoproposedonthestructureofthebook.WearealsoverygratefultoLiuZhiyongfromABC-CAFundManagementCo.,Ltd.andSunHongweifromBankofCommunicationsSchroderFundManagementCo.,Ltd.,whogaveuscomprehensiverecommendations.WewouldliketoextendourthankstoVanguard,Fidelity,Mangroup,DeloitteandKPMg,whichhelpedwiththematerialpresentedinthebook.WewouldalsoliketoexpressourgratitudetoYuYongdingfromtheChineseAcademyofSocialScienceandProfessorRogerLeedsatJohnsHopkinsUniversity,whodevotedtheirtimeandeffortstoprovidevaluablecommentsandsuggestions.Finally,specialthankstotheleadershipoftheChinaSecuritiesRegulatoryCommissionforitsconsistentsupport,andtoCheersPublishingCompanyfortheirhardefforts. Weheartilywelcomereaders’commentsandsuggestions. AMAC October2014
Asset Management Association of China（AMAC）
The Asset Management Association of China, which is established pursuant to the new Securities Investment Fund Law, is a self-regulatory organization that represents the fund industry in China. Adhering to its mission of “service, self-discipline and innovation”, the AMAC is dedicated to providing better services. Since its inception, the AMAC has been committed to developing a platform for exchange and learning, thereby connecting different asset management sectors, building a bridge between China and the world, and facilitating exchanges and discussions of industry development issues. The Expert Forum series, one of the AMAC’s well-organized events, have invited a number of renowned experts and academics at home and abroad to speak. The forum creates a face-to-face platform where expert speakers discuss classic academic topics as well as hot industry issues with participants.
[目錄]
Praise /I Foreword The Asset Management Industry Should Aim to Become the Role Model for Continuous Learning and the Pioneer of Innovation /V Zhang Yujun / Assistant Chairman Of China Securities Regulatory Commission Preface Managing Assets in a New Age /XI Part I Macro View 01 Financial Markets: Trust, Regulation and the Rest / 3 Professor John Board / Dean of Henley Business School Confidence and regulation InnovationSecuritization Does history help? Rebuild confidence Q&A [目錄] Praise /I Foreword The Asset Management Industry Should Aim to Become the Role Model for Continuous Learning and the Pioneer of Innovation /V Zhang Yujun / Assistant Chairman Of China Securities Regulatory Commission Preface Managing Assets in a New Age /XI Part I Macro View 01 Financial Markets: Trust, Regulation and the Rest / 3 Professor John Board / Dean of Henley Business School Confidence and regulation InnovationSecuritization Does history help? Rebuild confidence Q&A 02 Global Imbalance, Debt Crisis and China’s Challenges / 21 Yu Yongding / Academic of Chinese Academy of Social Sciences Global imbalance The U.S. total debt crisis America’s measures to address the crisis China’s challenges 03 Global Market Outlook & Development of Long Term Investment Culture in China / 33 Mark Talbot / Managing Director, Fidelity Worldwide Investment, Asia-Pacific ex-Japan US leadership Get active China’s long-term story Customer comes first 2014 Analyst Survey points to increased ‘Animal Spirits’ Part II Micro View 04 Hedge Fund Developments and Real Operations / 47 Pierre Lagrange / Chairman of Man Group’s Asia Business Introduction to hedge funds The development and institutionalization of hedge funds Regulatory framework for hedge funds 05 The Evolution of the Global Hedge Fund Industry and the Current Regulatory Environment / 61 Andrew Baker / CEO of AIMA Jiri Krol / Deputy CEO of AIMA Andrew Baker’s speech Jiri Krol’s speechQ&A 06 Private Equity Investing: Comparing China with the West / 81 Professor Roger Leeds / School of Advanced International Studies, Johns Hopkins University AgendaPrivate equity introduction Why PE in China/Other EMs fundamentally different The biggest PE challenge in China Emerging markets private equity: recent trends & performance Q&A 07 The State of the Investment Management Industry / 103 James M. Norris / Managing Director, Vanguard International Vanguard’s strategy Four investor-driven trends Fee structure revolution Indexing revolution 08 Evolution of the U.S. Pension System F. William McNabb III / Vanguard Chairman and CEO Development phase of the U.S. pension system Pension Protection Act codified “auto everything” Rise of the target-date funds Major challenges in the U.S. system Regulatory challenges Lessons China can learn during the journey 09 Derivatives, Options and Short Selling / 133 Nancy Davis / CIO and Managing Partner, Quadratic Capital Management LLC Dr. David Seif / Director of Research, Quadratic Capital Management LLC Stefan Gradinaruoll / Columbia Business School Derivatives Options Buying versus selling options Short selling Short selling versus shorting by owning put options Conclusion Part III Strategy 10 The Models for Stock Investment and Risk Control in Emerging Markets / 147 Paul E. Viera / Founder of Earnest Partners LLC Characteristics of Emerging Markets Discussion on investment in Emerging Markets Investment practice in Emerging Markets Q&A 11 Multi-boutique Model for Asset Management / 171 Barbara A. McKenzie / Senior Executive Director, COO & Boutique Operations for Principal Global Investors “Multi-Boutique” strategy The structural benefits of a Multi-Boutique Global Network Creation and management of a Multi-Boutique Global Network Client benefits of a Multi-Boutique approach Management of the boutique network Q&A 12 Art Investment Funds Landscape / 191 Adriano Picinati di Torcello / Chief of Art Finance of Deloitte Luxembourg Financialization of the art market: attraction for art as an asset class Financial performance of the fine art market How to get a financial exposure to art? Art investment funds’ main characteristics Pros and cons of art collective investment scheme 13 The Rise of ETFs in Efficient Capital Market / 211 Jane Leung / Head of iShares Asia Pacific Market components China’s market development Future benefits 14 Waterworld: Charting a Passage to Profitable Investment in a World Awash with Artificial Liquidity / 221 Michael Power / Strategist at Investec Asset Management The destruction of RFRs Monetary policy today Investment and Waterworld 15 Reshaping the Asset Management Business Model through Providing Solutions / 231 Scott Powers / President and CEO of State Street Global Advisors 1978—1989: The inception of SSGA and growth of indexing in context of the bull markets 1990—1999: The era of global expansion and product diversification led by ETFs 2000—2007: The data revolution and the move toward defined contribution investing 2008 to the present: Post-global financial crisis and the development of integrated solutions What will asset managers need in the next decade? 16 KKR’s Environmental, Social and Governance Considerations: A Focus on Responsible Investment / 249 Steven R. Okun / Director, Public Affairs, KKR Asia Pacific Xiang Li / Managing Director, KKR China KKR’s commitment to ESG and Responsible Investment KKR’s Global/Local approach in China A look into Responsible Investment Responsible investing for the future 17 Are SMEs an Attractive Potential Investment for the Chinese Financial Sector? / 269 Christoph Loch / Dean of Cambridge Judge Business School Risks of investing in SMEs Difficulties that SMEs face Innovation and solutions Conclusion Q&A 18 Ownerships Models in Asset Management: A Global Perspective / 283 Daniel Celeghin / Partner and Head of Asia-Pacific, Casey Quirk Limited Changing business environment Attributes of successful asset management companies Asset management company ownership Conclusions Q&A 01FINANCIALMARKETS:TRUST,REGULATIONANDTHEREST ProfessorJohnBoard DeanofHenleyBusinessSchool Confidenceandregulation Confidence Whatisconfidence?Confidenceiseasy;it’s“dowehaverules,regulationsandlaws,andwilltheselawsandregulationsbeobeyed?”SoifIhaveacontract,doIbelievethatmycounterpartywillabidebythecontract?Andmoreimportantly,ifmycounterpartybreachesthecontract,dowehaveanyenforcementthatwillallowustotakeactionandformetorecoversomecostsoftheloss?Confidenceisobjective;it’saboutcontractsandmakinginformeddecisions. Sowhenitcomestoconfidence,thefundamentalisregulation.Allensuggestsherethatwecanaddressthedifficultywithconfidence,andfirmsandmulti-participantscandemonstratetotheirclientsthattheyobeytherulesbyalargeandeffectivecompliancedepartment.Ishouldalsosaythatofyourlatestaware,compliancehasbecomeamuchbiggerpartofanytradingactivities,andindeedcompliancehasnowbecomeaprofession. Trust Well,ifwetaketheothersideofthis,trust,that’smuchmoredifficulttowritedown,andismuchmoredifficulttomanage.Trustisknownasfairplay,Ibelievethatmycounterpartywilllookafterme;youwillbehaveinthebestwaybecausetrustreallyappliesintheareawhereregulationmightnotapply.Sotrustisfairplay,whathappensiftheruleswerenotapplied?Iftherulesarebroken,wecametocircumstancesthataredifferent,theproblemwithtrust,fundamentallyisbilateral.It’sdirectlybetweenmeandmyclient.Andit’snotsomethingthatcanbedirectlyregulated.Soagain,ifwelookatthemostregulations,theyareaboutnicewords,abouttreatingourclientswell,andbehavingprofessionally,withoutnecessarilyexplainingwhatwemeanbyprofessionally.Trustissubjective,moreaboutmoralsanctionsandgentleman’sagreement.Confidenceisaboutwillrulesbeobeyedorenforced,itcanbeaddressedbyregulatorstakingpromptandfirmactionwhilefirmsdemonstratingrigidcompliance.Trustisfairplaywhenrulesdonotapplyandismuchhardertofixwhenbroken,itsonusonfirmstoearnit,notregulatorstodeliverit. Weveryoftenhearthatstatereportssayingcrisisneedsbetterregulation.Itisn’t.Let’strymoretrust,andregulationcannotcreatemoretrust.Regulationistosayifyoudothis,it’slegal,ifyoudothat,itviolatesaregulation.I’mnotbeingcarefulwithmanytransactionsandregulativerules,sowhatIwouldsayisoneoftheinterestingthingsabouttheinternationalcapitalmarkets.WeseeinLondon,thecontractorandregulatorywasbasedsimplyonthephrase“mywordismybond”.IfIsayIwilldeliverit,Iwilldeliverit.IfIdon’ttrustmycounterparties,whathappens?Thecapitalmarketswillcollapse.Firmsneedbanksandinvestmentbankstoarrangecapitalandactasassetmanagersontheirbehalf,sothelackoftrustisfatal.Withouttrustfirmsmusttrytoraisecapitaldirectlyandbythemselves,itishardtoregulateandraisestherisks. Let’scomebacktothequestionofregulatoryarbitrage.Italsomeanstherearesomefunctionsthatareoptimallymanagedbyfinancialintermediaries.Givenpensionfundsasanexample,pensionfundsareverybig,verycomplex,it’sverydifficulttomatchassetstoliabilitiesandcashflows,ifIdon’ttrustthefiduciary,Imightmakethemistaketomanagemyfundsbymyself.Whenthereislackoftrust,compliancecostswillbeveryhigh,whichisgoodforthelawyersbutbadforfinancialmarkets.Ultimately,infinanceit’sallabouttrust,mostclientsandcounterpartiesandanyotherparticipantswillworryaboutwhattheotherpartymightbehave. Whydoweneedtobuildtrust?Becausethealternativesareworse.Withouttrustweneedmoreregulation,moresystems,moreprocessesandfinallywehavetowritemorerules. Innovation Letmetalkamomentaboutinnovation.Everybodylikesinnovation;however,asaprofessorfromabusinessschool,andeventhiswasthetheme,Iknownothingaboutinnovationitself.Let’sjustlookatfinancialinnovation.Whydowehavenewfinancialinstruments?Financeisanindustry.Everyindustryhasinnovation.Itisamistaketosay“financeisdifferent”unlessyoucansaywhy.Everyindustryfacesregulation,speedcompetition,therearegloballargeplayers,institutionalandretailtrading.Butitisalsoamistaketosayfinanceis“thesameasanythingelse”.I’mgoingtoofferyoutwosuggestionshere.Numberoneisinnovation,becauseassetmanagement,securitiesmanagement,theyareaboutriskmanagement,whetheritismarketrisk,creditriskorliquidityrisk.Marketsolutionstoriskmanagementareattractive,becausetheyarecheap.IfI’maclient,afundtomanagerisk,themarketsgivesmestandardizedproducts,withwell-definedregulation,weunderstandwhymarketexists,andmarket-basedriskmanagementisdesirableanddefinitelyagoodthing. WhatIshouldalsosayisthereareotherrisksweshouldbehonestabout.Numberone,innovationisgood,whyisthat?Thatishumannature.IfIcandothingsotherpeoplecannotdo,itmakesmefeelgood.It’sgoodformybusiness;it’sgoodformyreputation,etc.Numbertwo,newproductsthatarecomplexallowmetochargeagoodpricetomycustomers.Numberthreeisclientslikesomethingcomplex.Ifyoulookatthecarsonthestreet,newcarswhichhavecomplexinstrumentsareneverusedbyrisk-averseindividuals.Ifyoubuyanewphone,manyofitsfancynewfeaturesareneverusedbymanypeople.Butwelikeittobecomplex. Soinnovationiseconomicallygood,myabilitytochargeahigherpriceiscertainlygoodformyself.Customerslikeit;it’sgoodformybusiness,myreputationandsoon.Moreimportantly,Icanintroducenewproducts,toavoidregulation,towalkaroundregulation.Weknowthattheswapmarket,thebiggestpurefinancialinstrument,istoavoidexchangecontrol.I’llfindaninstrumentthatallowsmetoobeythelaw,andtobenefitatthesametime.Soregulatoryarbitrageisasignificantreasonforinnovation,butit’sprobablyoneoftheproblemsfacingregulators.InawayIneedtofindregulationtominimizethatarbitrage.ThelastoneIofferyouissimplybecausewecan.ThereasonIusethatissomeyearsagowhenIdidagovernmentinquiryaboutendurablegoods,Iwenttothebiggestinvestmentbanksandspeaktosomeofthederivativesexperts,theygaveaveryprofessionalshowabouthowtheydoriskmanagement.ThenItalktooneofthederivativesdesigners,andtheybroughtmeananalysisonhowweassessthecustomers,andtheyoffercustomersareratedintodifferentcategories,simplecategoriesoffersimpleproductsandcomplexcategoriesoffercomplexproducts,andtheexpertsaid,someproductsaresocomplicated,wecannoteversellittoanybodyintheworld.Whywouldanybanksspendmoneyproducingproductsthatnobodywilleverbeallowedtobuy?Thepointaboutproductsinfinancialinnovationisthattheycomeandgo.Justlikemobilephones,theycomeandtheyarefashionable,everybodybuysthem,sixmonthslatertheyareforgotten.Ifyoudon’tbelievethat,pleaselookathowyourchildrenplaywiththepresentsyoubuythem.Theyplayafewweeksandthendumpthem. Thetalkisfocusedonregulation;regulationisaninteresting
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