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。
作者簡(jiǎn)介：
AssetManagementAssociationofChina（AMAC）
TheAssetManagementAssociationofChina,whichisestablishedpursuanttothenewSecuritiesInvestmentFundLaw,isaself-regulatoryorganizationthatrepresentsthefundindustryinChina.Adheringtoitsmissionof“service,self-disciplineandinnovation”,theAMACisdedicatedtoprovidingbetterservices.Sinceitsinception,theAMAChasbeencommittedtodevelopingaplatformforexchangeandlearning,therebyconnectingdifferentassetmanagementsectors,buildingabridgebetweenChinaandtheworld,andfacilitatingexchangesanddiscussionsofindustrydevelopmentissues.
TheExpertForumseries,oneoftheAMAC’swell-organizedevents,haveinvitedanumberofrenownedexpertsandacademicsathomeandabroadtospeak.Theforumcreatesaface-to-faceplatformwhereexpertspeakersdiscussclassicacademictopicsaswellashotindustryissueswithparticipants.
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Praise/I
ForewordTheAssetManagementIndustryShouldAimtoBecometheRoleModelforContinuousLearningandthePioneerofInnovation/V
ZhangYujun/AssistantChairmanOfChinaSecuritiesRegulatoryCommission
PrefaceManagingAssetsinaNewAge/XI
PartIMacroView
01FinancialMarkets:Trust,RegulationandtheRest/3
ProfessorJohnBoard/DeanofHenleyBusinessSchool
Confidenceandregulation
InnovationSecuritization
Doeshistoryhelp?
Rebuildconfidence
Q&A
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目錄：
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Praise/I
ForewordTheAssetManagementIndustryShouldAimtoBecometheRoleModelforContinuousLearningandthePioneerofInnovation/V
ZhangYujun/AssistantChairmanOfChinaSecuritiesRegulatoryCommission
PrefaceManagingAssetsinaNewAge/XI
PartIMacroView
01FinancialMarkets:Trust,RegulationandtheRest/3
ProfessorJohnBoard/DeanofHenleyBusinessSchool
Confidenceandregulation
InnovationSecuritization
Doeshistoryhelp?
Rebuildconfidence
Q&A
02GlobalImbalance,DebtCrisisandChina’sChallenges/21
YuYongding/AcademicofChineseAcademyofSocialSciences
Globalimbalance
TheU.S.totaldebtcrisis
America’smeasurestoaddressthecrisis
China’schallenges
03GlobalMarketOutlook&DevelopmentofLongTermInvestmentCultureinChina/33
MarkTalbot/ManagingDirector,FidelityWorldwideInvestment,Asia-Pacificex-Japan
USleadership
Getactive
China’slong-termstory
Customercomesfirst
2014AnalystSurveypointstoincreased‘AnimalSpirits’
PartIIMicroView
04HedgeFundDevelopmentsandRealOperations/47
PierreLagrange/ChairmanofManGroup’sAsiaBusiness
Introductiontohedgefunds
Thedevelopmentandinstitutionalizationofhedgefunds
Regulatoryframeworkforhedgefunds
05TheEvolutionoftheGlobalHedgeFundIndustryandtheCurrentRegulatoryEnvironment/61
AndrewBaker/CEOofAIMA
JiriKrol/DeputyCEOofAIMA
AndrewBaker’sspeech
JiriKrol’sspeechQ&A
06PrivateEquityInvesting:ComparingChinawiththeWest/81
ProfessorRogerLeeds/SchoolofAdvancedInternationalStudies,JohnsHopkinsUniversity
AgendaPrivateequityintroduction
WhyPEinChina/OtherEMsfundamentallydifferent
ThebiggestPEchallengeinChina
Emergingmarketsprivateequity:recenttrends&performance
Q&A
07TheStateoftheInvestmentManagementIndustry/103
JamesM.Norris/ManagingDirector,VanguardInternational
Vanguard’sstrategy
Fourinvestor-driventrends
Feestructurerevolution
Indexingrevolution
08EvolutionoftheU.S.PensionSystem
F.WilliamMcNabbIII/VanguardChairmanandCEO
DevelopmentphaseoftheU.S.pensionsystem
PensionProtectionActcodified“autoeverything”
Riseofthetarget-datefunds
MajorchallengesintheU.S.system
Regulatorychallenges
LessonsChinacanlearnduringthejourney
09Derivatives,OptionsandShortSelling/133
NancyDavis/CIOandManagingPartner,QuadraticCapitalManagementLLC
Dr.DavidSeif/DirectorofResearch,QuadraticCapitalManagementLLC
StefanGradinaruoll/ColumbiaBusinessSchool
Derivatives
Options
Buyingversussellingoptions
Shortselling
ShortsellingversusshortingbyowningputoptionsConclusion
PartIIIStrategy
10TheModelsforStockInvestmentandRiskControlinEmergingMarkets/147
PaulE.Viera/FounderofEarnestPartnersLLC
CharacteristicsofEmergingMarkets
DiscussiononinvestmentinEmergingMarkets
InvestmentpracticeinEmergingMarkets
Q&A
11Multi-boutiqueModelforAssetManagement/171
BarbaraA.McKenzie/SeniorExecutiveDirector,COO&BoutiqueOperationsforPrincipalGlobalInvestors
“Multi-Boutique”strategy
ThestructuralbenefitsofaMulti-Boutique
GlobalNetworkCreationandmanagementofaMulti-Boutique
GlobalNetworkClientbenefitsofaMulti-Boutiqueapproach
Managementoftheboutiquenetwork
Q&A
12ArtInvestmentFundsLandscape/191
AdrianoPicinatidiTorcello/ChiefofArtFinanceofDeloitteLuxembourg
Financializationoftheartmarket:attractionforartasanassetclass
Financialperformanceofthefineartmarket
Howtogetafinancialexposuretoart?
Artinvestmentfunds’maincharacteristics
Prosandconsofartcollectiveinvestmentscheme
13TheRiseofETFsinEfficientCapitalMarket/211
JaneLeung/HeadofiSharesAsiaPacific
Marketcomponents
China’smarketdevelopment
Futurebenefits
14Waterworld:ChartingaPassagetoProfitableInvestmentinaWorldAwashwithArtificialLiquidity/221
MichaelPower/StrategistatInvestecAssetManagement
ThedestructionofRFRs
Monetarypolicytoday
InvestmentandWaterworld
15ReshapingtheAssetManagementBusinessModelthroughProvidingSolutions/231
ScottPowers/PresidentandCEOofStateStreetGlobalAdvisors
1978—1989:TheinceptionofSSGAandgrowthofindexingincontextofthebullmarkets
1990—1999:TheeraofglobalexpansionandproductdiversificationledbyETFs2000—2007:Thedatarevolutionandthemovetowarddefinedcontributioninvesting
2008tothepresent:Post-globalfinancialcrisisandthedevelopmentofintegratedsolutions
Whatwillassetmanagersneedinthenextdecade?
16KKR’sEnvironmental,SocialandGovernanceConsiderations:AFocusonResponsibleInvestment/249
StevenR.Okun/Director,PublicAffairs,KKRAsiaPacific
XiangLi/ManagingDirector,KKRChina
KKR’scommitmenttoESGandResponsibleInvestment
KKR’sGlobal/LocalapproachinChina
AlookintoResponsibleInvestment
Responsibleinvestingforthefuture
17AreSMEsanAttractivePotentialInvestmentfortheChineseFinancialSector?/269
ChristophLoch/DeanofCambridgeJudgeBusinessSchool
RisksofinvestinginSMEs
DifficultiesthatSMEsface
InnovationandsolutionsConclusion
Q&A
18OwnershipsModelsinAssetManagement:AGlobalPerspective/283
DanielCeleghin/PartnerandHeadofAsia-Pacific,CaseyQuirkLimited
Changingbusinessenvironment
Attributesofsuccessfulassetmanagementcompanies
Assetmanagementcompanyownership
Conclusions
Q&A
Afternearly20yearsofdevelopment,China’sassetmanagementindustryhasalreadybuiltsolidfoundationsintheareasincludinginstitutionalstructures,talentretention,andregulatorysystem.Thecontinuousaccumulationofdomesticwealth,theongoingimprovementinpensionandsocialsecuritysystem,aswellastherapidprogressofcapitalmarketinternationalization,haveallcreatedsubstantialdemandforthedevelopmentoftheindustry.Ingeneral,China’sassetmanagementindustryisjustenteringanew,goldenphaseofdevelopment.AssetManagementinaNewErahelpsreaderstokeepthemselvesupdatedwiththelatesttrendsandleadingpracticesoftheglobalassetmanagementindustry.Ibelievethatprofessionalsintheassetmanagementindustry,aswellasreaderswhoareinterestedintheindustrywillderivebenefitsandinspirationfromtheinsightsofthisbook.
ZhangYujun
AssistantChairmanofChinaSecuritiesRegulatoryCommission
Fromauniqueangle,AssetManagementinANewEraexploresindustryregulationsandtrendsfromamacroperspective,providesthoughtprovokingobservationsonassetmanagementiAfternearly20yearsofdevelopment,China’sassetmanagementindustryhasalreadybuiltsolidfoundationsintheareasincludinginstitutionalstructures,talentretention,andregulatorysystem.Thecontinuousaccumulationofdomesticwealth,theongoingimprovementinpensionandsocialsecuritysystem,aswellastherapidprogressofcapitalmarketinternationalization,haveallcreatedsubstantialdemandforthedevelopmentoftheindustry.Ingeneral,China’sassetmanagementindustryisjustenteringanew,goldenphaseofdevelopment.AssetManagementinaNewErahelpsreaderstokeepthemselvesupdatedwiththelatesttrendsandleadingpracticesoftheglobalassetmanagementindustry.Ibelievethatprofessionalsintheassetmanagementindustry,aswellasreaderswhoareinterestedintheindustrywillderivebenefitsandinspirationfromtheinsightsofthisbook.ZhangYujunAssistantChairmanofChinaSecuritiesRegulatoryCommissionFromauniqueangle,AssetManagementinANewEraexploresindustryregulationsandtrendsfromamacroperspective,providesthoughtprovokingobservationsonassetmanagementindustry.Stronglyrecommended!YangZaipingExecutiveVicePresidentofChinaBankingAssociationAnexcellentbookthatisfullofinsightfulthoughtsandopinionsfromprestigiousscholarsandexecutivesinthefinancialworld.AstheassetmanagementindustryinChinaisemergingontoanewplatformwithunprecedentedlevelofcompetitionbothdomesticallyandinternationally,thisbookisavaluableguidanceandreferenceforallassetmanagers.FanYonghongNon-permanentVicechairmanofAssetManagementAssociationofChinaWearefortunatetoliveinthisgreaterawithrapidchangesanddevelopments.Theknowledgeandwisdomsharedinthisthebookcanhelptoexpandourglobalview,welcometheneweraforassetmanagement.LiuXiaoyanNon-permanentVicechairmanofAssetManagementAssociationofChinaPresidentofEFundManagementCo.Ltd.AssetmanagersinChinaarefacingchallengesintheprocessoftapingintothewealthmanagementarea.Newtools,newmarketsandnewstrategiesareattractivebutforeignandunpredictable.The"ExpertForum"organizedbytheAssetManagementAssociationofChinaexposedustothemostinnovativeideasintheindustry.Thisbookisacollectionofinsightsonindustrytrends,developmentsandinnovationssharedattheForum.Definitelywortharead!LinChuanhuiTheboardmemberofAssetManagementAssociationofChinaVicePresident,GeneralManagerofGuangfaFundmanagementCompanyDirectfinancingviastockandbondmarketsbecomeincreasinglyimportantunderthe"newnorm"ofChineseEconomyprovidesunprecedentedopportunitiesforassetmanagers.ExpertForumorganizedbytheAMACprovidesuswithinsightsandfirsthandexperiencesofindustrytrends,regulationupdatesfrominternationallyrenownedscholarsandindustryveterans.StronglyRecommended!QiuGuogenPresidentoftheprivateequityinvestmentfundProfessionalCommitteeofAssetManagementAssociationofChinaPresident&CIOofShanghaiChongyangInvestmentManagementCo.,LtdAssetmanagementindustryinChinaisembracingagreateraofrapiddevelopments.AssetManagementinaNewEraisthefirstcollectionofexperiencesandviewsfrominternationallyacclaimedexpertsandpractitioners,whichisdefinitelygoingtobeaclassic.Amustreadforallassetmanagers.LinLijunNon-permanentVicechairmanofAssetManagementAssociationofChinaGeneralManagerofChinaUniversalAssetManagementCo.,LtdAssetManagementInANewEracompiledbyAssetManagementAssociationofChinafromspeechesdeliveredattheexpertforum,withacollectionofthoughtsandinsightssharedbyindustryelitesthatprovidesaglobalviewonthedevelopmentoftheassetmanagementindustry.Assetmanagementindustryfacesgreatopportunitiesandchallengestoday.Thisbookisverypreciousandtimely!DengZhaomingTheboardmemberofAssetManagementAssociationofChinaPresidentofPenghuaFundManagementCo.Ltd.Thefieldofresearchonassetmanagementindustryfilledwithdullanddrydata,whichtendstobemeaninglessforpeopletocomprehend.However,thisbookisexactlytheopposite.ArticlesdrawfromtheExpertForumorganizedbytheAssetManagementAssociationofChinamadebycelebratedprofessorsandwell-knownscholars,rangingfromthetop-notchacademicviewpoints,richinformationandinsightsintheareasofassetmanagement.Thearticlesexplainsophisticatedtheoriesinsimplelanguages,whichsotospeakisacollectionofwisdom.JinXuNon-permanentVicechairmanofAssetManagementAssociationofChinaGeneralManagerofGuotaiAssetManagementCo.,LtdAnenlighteningcollectionofthoughtprovokingideasandindustrypracticesoftheglobalassetmanagementindustry.AmustneedforallinstitutionalinvestorsinChina.DouYumingPresidentofZhongOuAssetManagementCo.,LtdEditorsofManagingAssetsinaNewAgehavedoneagreatjobcombiningwisdomsfrom19expertsinassetmanagementindustryglobally.Fromdifferentangles,theseseasonedindustrypractitionerswithsoliddataandin-depthanalysis,showedreadersavividpictureofhowtheglobalassetmanagementistodayandhowitwillevolveinthefuture.ForpeoplewhoareworkingandplanningtoworkintheChineseassetmanagementindustry,thisisabookcannotbemissed.WangJunfengChiefExecutiveOfficer,CITICPrudentialFundManagementCompanyWithr01FINANCIALMARKETS:TRUST,REGULATIONANDTHERESTProfessorJohnBoardDeanofHenleyBusinessSchoolConfidenceandregulationConfidenceWhatisconfidence?Confidenceiseasy;it’s“dowehaverules,regulationsandlaws,andwilltheselawsandregulationsbeobeyed?”SoifIhaveacontract,doIbelievethatmycounterpartywillabidebythecontract?Andmoreimportantly,ifmycounterpartybreachesthecontract,dowehaveanyenforcementthatwillallowustotakeactionandformetorecoversomecostsoftheloss?Confidenceisobjective;it’saboutcontractsandmakinginformeddecisions.Sowhenitcomestoconfidence,thefundamentalisregulation.Allensuggestsherethatwecanaddressthedifficultywithconfidence,andfirmsandmulti-participantscandemonstratetotheirclientsthattheyobeytherulesbyalargeandeffectivecompliancedepartment.Ishouldalsosaythatofyourlatestaware,compliancehasbecomeamuchbiggerpartofanytradingactivities,andindeedcompliancehasnowbecomeaprofession.TrustWell,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.InnovationLetmetalkamomentaboutinnovation.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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