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逐鹿大资管时代（英文版） 
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本书由中国证券投资基金业协会编著，介绍了大资管时代下全球金融领域内最领先的机构、专家、学者、管理人关于当下金融行业的最新动向与发展趋势的前沿观点，主题覆盖了对冲基金、被动投资、衍生品、私募股权投资、艺术品投资等金融领域众多方面，有助于读者汲取国际资本市场上的经验和教训，进而对我国资产管理行业存在的问题和机遇有更深入的思考。无论作为资产管理行业的从业者，还是关心我国资本市场发展的普通民众，都能从中获益匪浅。
中国证券投资基金业协会首部透视大资管时代下全球金融行业发展前景和动向的重磅之作。 本书契合了中国基金行业不断提升国际化水平的内在需求，涵盖了领航集团、富达国际、信安环球、道富环球、德勤会计师事务所、中国社会科学院、英国剑桥大学等国内外一线金融投资企业、研究机构最新的投资理念、运作模式、翔实案例介绍以及国际监管动态分析，对处在大资管时代的国内资产管理机构与监管部门提供了参考与借鉴。 中国证券监督管理委员会主席助理张育军倾情作序；中国银行业协会专职副会长杨再平、中国证券投资基金业协会兼职副会长范勇宏以及易方达基金刘晓艳、广发基金林传辉、上海重阳投资裘国根、汇添富基金林利军、鹏华基金邓召明、国泰基金金旭、中欧基金窦玉明、信诚基金王俊锋、赢华基金成健等行业领军人物鼎力推荐。 湛庐文化出品。
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.
[目录]
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 [目录] 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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