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。
作者简介：
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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目录：
]
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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