⊙记者 钱晓涵 ○编辑 李剑锋

Reporter QianXiaoHan ○ ⊙ LiJianFeng editor

　　本报昨日独家推出《中国证券市场资产管理“潜规则”》深度调查后，在市场上引起强烈反响。读者纷纷致电本报，对本报敢于公开批评证券市场怪相的行为表示高度认同。不少来自券商、基金等从事资产管理一线工作的人士更是呼吁，媒体、中介机构、监管部门应携起手来，为净化证券市场的发展环境而共同努力。

The sole out yesterday《China's securities market asset management“Unspoken rules”》Depth after investigation，In the market on a strong reaction。Readers are calls our newspaper，To our newspaper dare to publicly criticize securities market grimace behavior said high approval。Many from brokers、Funds engaged in asset management a line of people is called for，media、Intermediary institutions、Regulators should join hands，For purification of the securities market development environment and work together。

　　从读者的反馈情况来看，管理费、清盘线、销售渠道是被谈及最多的三大核心问题。有读者建议，资产管理机构应摈弃传统的固定管理费提取方式，改为以浮动管理费为主的收费方式，将投资人与管理人的利益完全绑定，避免发生刻意做亏净值，套住客户收取管理费的现象。

Feedback from the readers of the situation，Management fee、Winding line、Sales channel is the most talked about of the three core problem。Readers suggest，Asset management agencies should be devoid of the traditional fixed fee extraction method，To give priority to with floating management fee charging method，Will the interests of investors and managers completely binding，Avoid deliberately do kui net，Set of live customer management fees charged the phenomenon。

　　此外，也有读者就是否要取消产品的募集线和清盘线提出了自己的见解。管理层为资产管理产品设置募集线、清盘线的本意是为保护投资者利益，但从实际运行情况来看，部分机构为达标而动用“帮忙资金”，扭曲了产品运作规律，严重违背管理层本意。从某种程度而言，募集线、清盘线的设立，还为一部分投机资金创造了无风险套利的机会，这无益于证券市场的健康发展。

In addition，Also has the reader about whether to cancel the products raise line and winding line puts forward their own views。Management for asset management products set to raise line、Winding line is meant to protect the interests of investors，But from the practical situation，Part of the institutions for standard and use“Help fund”，Distorts the product operation rule，Serious breach management intent。In some extent，Raise line、The establishment of liquidation line，For part of the speculative risk arbitrage opportunities are created，This not conducive to the healthy development of the securities markets。

　　最后，销售渠道过于拥挤，千军万马强行过银行这根“独木桥”的现象也令人深思。不少券商、基金产品的销售人员对此颇多抱怨，认为是过于拥挤的销售渠道，将资产管理机构逼到了墙角，不得不玩起了“擦边球”。

finally，Sales channel too crowded，An army had forced the bank“Wooden bridge”Phenomenon also is thinking。Many brokers、Fund sales personnel have much to complain about，Think is too crowded sales channels，Will asset management institution force to the corner，Have to play“outside”。

　　据了解，资产管理业的一些问题已引起了监管部门的重视。就基金费率改革问题，监管层拟展开专项调研，管理人在为投资人赚钱时提取或多提管理费，在亏钱时不提或少提管理费，这种浮动管理费的提取方式不仅受到投资人的认可，也符合市场化改革的大方向。而关于募集线和清盘线，在监管部门新一轮的征求意见中，也予以了一定考虑。关于资产管理的销售渠道，管理层今年以来批准了多家第三方理财机构代销产品，随着时间的推移，证券资产管理业有望逐步摆脱对银行的高度“依赖症”。

According to understand，Some of the problems of asset management has attracted the attention of regulators。Fund rate reform，Regulatory intends to open special investigation，The administrator for investors in making money extraction or to give more management fee，In losing money when not mention or less carry management fee，This kind of floating management fee not only by extraction means investors recognition，Also accord with market reform of the roads。And about raising line and winding line，The supervision department in a new round of for advice，Also be a consideration。About asset management of sales channels，Management since this year more than approved the house financial institutions third party products for sale on a commission basis，As time goes on，Securities assets management is expected to get rid of the height of the bank to gradually“dependence”。

　　本报将继续跟踪报道资产管理业净化市场环境的最新动态。

This will continue to tracking reports of asset management purification market environment of the latest developments。