逐鹿大资管时代:英文版9787300200934
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作者中国证券投资基金业协会编著
出版社中国人民大学出版社
ISBN9787300200934
出版时间2012-12
装帧精装
开本16开
定价69.9元
货号8365712
上书时间2024-11-30
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作者简介
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 mitted 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
[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
内容摘要
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
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