天弘基金资产规模已达128.83亿元，与去年6月末的63.06亿元相比增幅超过100% Day hong fund assets scale has amounted to 12.883 billion yuan，And the end of June last year of $6.306 billion compared with more than 100% growth

　　理财周报记者 李峻岭/文

Finance LiJunLing/the weekly newspaper reporters

　　郭树强在发起式基金上抢了头筹。

GuoShuJiang launched type fund in the top robbed。

　　去年8月，郭树强空降天弘基金任总经理。一年后郭树强用发起式基金这种创新产品向外界传递出他的思考。

Last August，GuoShuJiang airborne day hong as general manager of the fund。A year later GuoShuJiang launched with the innovative products to type fund outside pass a his thinking。

　　7月30日，天弘债券型发起式基金起售。从银行渠道的统计显示，该基金首日募集超3亿元，第二天募集约3亿，发行前两日募集逾6亿元。这只基金的发行截止日期是8月7日。

July 30,，Day hong bonds carry out since launched type of fund。The channel of the statistics from the bank，The fund raising first exceeds 300 million yuan，The second day to raise about 300 million，The issue before two days to raise more than $600 million。The fund's issue is due on August 7,。

　　出身豪门华夏基金的郭树强把天弘基金的资产规模带入了百亿量级。但还有挑战等着他。

Born of fund of an ancient name for the giants GuoShuJiang day funds' assets hong scale into billions of category。But there are challenges him。

　　首只发起式基金：利益绑定 The first launched only type fund：Interests bind

　　证监会6月20日发布《关于修改<证券投资基金运作管理办法>第六条及第十二条的决定》。修改后的《办法》增加了一条：“基金管理公司在募集基金时，使用公司股东资金、公司固有资金、公司高级管理人员、基金经理等人员资金认购基金的金额超过一千万元人民币，且持有期限超过三年；基金募集份额总额不少于五千万份，基金募集金额不少于五千万元人民币；基金份额持有人的人数不少于两百人。”

Securities regulatory commission released on June 20《On amending<Securities investment fund management measures>Article 6 and 11 of the decision》。Modification of the《way》Increased a：“The fund management company in the raising funds，Use the shareholders of a company funds、The company natural capital、The senior management personnel、Fund managers and other staff of the amount of money subscribe fund more than ten million yuan RMB，And hold time limit for more than three years；Fund raising share amount not less than fifty million copies，Fund raising amount not less than fifty million yuan RMB；The number of fund share holders not less than two hundred people。”

　　5天后，郭树强和他的团队首家向证监会递交了发起式基金产品募集申请；7月23日，天弘债券型发起式基金成为首只获批的债券型发起式基金；7月26日，天弘发布天弘债券型发起式基金招募说明书。同日发布公司运用固有资金作为发起资金认购该基金1000万元的公告，认购日为8月1日。

Five days after，GuoShuJiang and his team first submitted to securities regulatory commission launched type fund raising application products；July 23,，Day hong bonds by becomes the first type of fund only approved type of bonds by type fund；July 26,，Day hong hong bonds issued by day type style fund recruit manual launched。On the same day that release company use natural capital as a launch reserves subscribe the fund 10 million yuan announcement，Subscribe to day on August 1,。

　　通过基金公司（包括公司、股东、高管或基金经理等）和基金持有人共同持基，将利益绑定，共担风险共享收益是发起式基金的核心要义。同时，发起式基金合同生效三年后，若基金资产规模低于2亿元，基金合同会自动终止，不得通过召开持有人大会的方式延续。

Through the fund company（Including company、shareholders、Executives or fund managers, etc）And the common fund holder base，Will interests bind，Risk-sharing profit is Shared by the core essence of funds。At the same time，Launch type fund contract comes into effect three years later，If the fund asset size less than 200 million yuan，Funds will be automatically terminated the contract，Through the general meeting of the holders shall not be held the way continue。

　　发起式基金的发起资金出资形式各异。如国金通用基金公司就宣布国金通用国鑫灵活配置混合型发起式基金采用股东认购1000万元加公司员工全员认购的方式，认购金额超过1100万元。

The launch of the funds of funds launched contribution form each different。If countries with fund company offering that countries with countries offering the flexible configuration mixed type fund used by subscribed for 10 million yuan add company shareholders all employees of the subscription way，Subscription amount more than 11 million yuan。

　　天弘基金此次的发起资金是公司固有资金，为何股东、高管或基金经理等方面没有出资呢？

Day the the launch of the capital fund of hong is inherent company funds，Why shareholders、Executives or fund manager, etc? No capital contribution？

　　郭树强说：“公司出资只是一个形式。通过这个形式表明公司"客户至上"的经营理念。至于说每个基金经理都参加，高管、股东也参加，这就是太注重形式了。按照《道德经》的说法，君子处其实，不一定要其名吧。”

GuoShuJiang said：“The company capital contribution is just a form。Through this form shows that company"Customer first"Business philosophy。As for every fund manager in all，executives、Shareholders also attend，This is too emphasis on form。According to《Moral the》that，The gentleman place actually，Doesn't have to be the names of it。”

　　如果股东、高管或基金经理参与出资发起是不是能给投资者以更大的信心、更强的利益绑定的感觉？郭树强说：“也不能这么讲。比如我参与了这只基金，下一只我又不参与了，投资者会怎么想？我总不能都参与吧，我也得生活吧？呵呵。参与出资只是一个形式。不用那么介意具体是谁出了钱。”

If the shareholders、Executives or participate in investment fund manager is can give investors to launch more confidence、The interests of the stronger the binding of feeling？GuoShuJiang said：“Can't say。For example, I participated in the fund，The next only I'm not involved in，Investors will be how to think？I always can't all participate in it，I also have to life？Ha ha。Participate in capital contribution is just a form。Don't so mind concrete is who has the money。”

　　天弘选择债券型基金作为公司首只发起式基金有其背景——天弘基金引进了包括固定收益总监陈钢在内的多位专才。根据WIND数据，截至6月底，天弘旗下天弘永利、天弘添利、天弘丰利三只债券基金今年以来的年化收益率均超过10%，其中，截至7月24日，天弘丰利B自去年11月23日成立以来的净值增长率达到31.65%，领跑同类基金。截至6月底，天弘基金债券型基金管理资产规模也跻身行业前十。

Day hong choose a bond fund as the company first launched only in the background-day fund has introduced including hong fund fixed income ChenGang director, more than the professional fields。According to the WIND data，By the end of June，Day to day's hong hong wynn、Day hong termbray、Day FengLi hong three bond fund since this year's annualised rate of return by more than 10%，Among them，By July 24,，Day hong since last November FengLi B since the establishment of the 23, the net value of the growth rate of 31.65%，Atop the similar funds。By the end of June，Day hong fund a bond fund management asset scale also bicycle industry's top 10。

　　天弘基金首席市场官周晓明透露，与客户利益绑定、共赢发展是天弘基金既定的发展方向。今后会推出多种形式的共赢系列基金。

Day hong, chief market ZhouXiaoMing said the fund，And the customer benefit binding、Win-win development is the day hong fund established development direction。Will launch various forms of win-win series fund。

　　定位：合适规模、中低风险 positioning：Appropriate scale、Low risk

　　和收益稳健 And steady income

　　“自从郭总去年到公司以来……”在天弘基金员工的认识中，郭树强的空降是天弘基金发展史的分水岭。

“Since last year since the company to total guo......”In the days of the employees in knowledge hong fund，GuoShuJiang airborne is day hong the watershed of the history of fund。

　　郭树强的前任、天弘基金原总经理胡敏于2011年1月离任。据传，胡敏离任的原因是没有完成资产规模目标。

GuoShuJiang predecessor、The general manager HuMin day hong funds in January of 2011。it，HuMin outgoing reason is not completed asset scale goal。

　　此前，市场传言郭树强空降天弘基金时曾给天弘的股东作出承诺：到2012年年底，天弘基金管理的资产规模要达到200亿元。

after，Market rumours GuoShuJiang airborne day to day was fund hong hong shareholders of a commitment：To the end of 2012，Day hong funds management asset scale to achieve 20 billion yuan。

　　郭树强否认了有关带着规模任务来到天弘的说法。“不论是对董事会，还是对股东，我都没有下过任何关于规模方面的承诺。如果是要有这个条件，我可能也不会到天弘基金来。”

GuoShuJiang denied claims with the scale of the task to day hong said。“Whether for the board of the directors，Or to shareholders，I did not take any commitment about scale。If it is to have this condition，I may not go to day hong fund。”

　　“我们自己为什么要像战车一样狂跑呢？既然天弘对基金经理业绩不搞排名了，我们在规模上也不是说非得如何如何。”郭树强说，“有一天，天弘发展到合适的规模，为百姓创造合适的利润，员工也得到很好的发展了，那就很好了，为什么要争规模第几位呢？”

“We why you like chariot as crazy run？Since the day the fund manager hong performance ranking no......，We in the scale also is not to say how to。”GuoShuJiang said，“One day，Day to the right scale development hong，For people to create the right profits，Employees also have a good development，That is very good，Why to fight for scale the finishers？”

　　虽然郭树强言语中表示对“规模”不看重，但是，天弘基金市场部总经理曹朝龙还是“自豪”地表示：截至2012年6月底，天弘基金的资产规模已达128.83亿元，与2011年6月末的63.06亿元相比增幅超过100%。行业排名也从去年6月底的第53位上升到第42位。

Although GuoShuJiang words to say“scale”Don't value，but，Day fund marketing CaoChaoLong or general manager hong“proud”said：By the end of 2012 to the end of June，Day of the fund asset scale has hong 12.883 billion yuan，And the end of June 2011 compared to 6.306 billion yuan growth by over 100%。Industry also ranked at the end of June last year from the 53 a rise to 42 nd。

　　一个基金公司的资产规模从几十亿增长到百亿量级可能相对容易，但是，再向数百亿量级甚至更高层级发展往往面临挑战。

A company of fund assets from billions of growth to the scale of billions of magnitude may be relatively easy，but，Again to tens of billions of magnitude higher level even development has often faces a challenge。

　　未来天弘基金的资产规模增长或将与郭树强的一个基本判断密切相关。他认为，百姓的最大理财需求是中低风险和收益稳健的产品。天弘据此发展相应的、可控风险的产品，尤其是中低风险的产品。同时对原有产品进行更严格的风险控制。郭树强喜欢使用“百姓”这个词语。

The future day funds' assets hong scale growth or will GuoShuJiang and a basic judge closely related。He thinks，The biggest financial needs people is low risks and benefits of steady products。Day on the corresponding hong development、Controllable risks products，Especially low risk of products。At the same time for the original products for more strict risk control。GuoShuJiang like to use“people”The words。

　　“我们不以规模为出发点。尤其是不发展自身没有能力管好的产品以及无法控制过高风险的产品。”郭树强说，“天弘总体上是沿着主动投资，为客户管好风险、创造价值这个方向发展下去。短期内不会推出被动产品。”

“We do not to scale as the starting point。Especially not develop themselves have no ability to manage product and can't control excessive risk products。”GuoShuJiang said，“Day in general is along the hong active investment，For customers to manage risk、Create value this direction.。The short term not passive product launch。”

　　郭树强认为，今年上半年天弘的发展是靠持续营销带来的。对于天弘的营销体系来说，持续营销是第一重任。新基金发行是第二位的。

GuoShuJiang think，In the first half of this year day hong is the development of the continued on the marketing brings。For the day of hong marketing system for example，Continued marketing is the first important task。The new funds issue is the second。

　　天弘基金规模的增长主要来自旗下3只老基金的持续营销，尤其是天弘永利债券基金，规模从去年底的1.2亿元增长至今年二季度末规模为33.72亿元。另外,天弘添利A在6月1日的开放中一日销售逾14亿元，并启动比例配售；天弘丰利A在5月22日的开放中，一日销售近9亿元。

Day of the size of the fund hong growth came mainly from its three old fund for marketing，Especially day hong wynn bond fund，Scale from the end of the 120 million yuan at the end of the second quarter growth in the year to the scale of 3.372 billion yuan。In addition,Day hong termbray A in the June 1 in the open sales more than 1.4 billion yuan A day，And start proportion placement；Day hong FengLi A in the May 22 in the open，A day of sales of nearly 900 million yuan。

　　挑战：完善投研团队 challenge：Perfect for research team

　　2011年初，在胡敏离任后，原天弘投资总监吕宜振、研究总监姚锦等人相继离职。

In early 2011，In HuMin departure，The original day hong LvYiZhen chief investment officer、Research director YaoJin twin departures, etc。

　　郭树强坦言，他到天弘以后的第一项工作就是人才工作。

GuoShuJiang said，He to the day after hong the first work of work is talented person。

　　目前天弘的人才构成是新老结合。原嘉实基金(博客,微博)营销策划部兼产品管理部总监周晓明，和曾任中国人寿(601628,股吧)资产管理有限公司固定收益部高级投资经理的陈钢随郭树强加盟天弘。原华夏基金专户部投资经理、现任天弘公司股票投资部总经理周可彦先于郭树强来到天弘。现任总经理助理宁辰等“天弘老人”被郭树强称为“留下来的精英”。

At present day of hong who make new old union is。Original fine fruit fund(blog,Micro bo)Marketing planning and product management director ZhouXiaoMing，And once was appointed China life(601628,Shares it)Asset management Co., LTD, fixed income, the senior investment manager with the ChenGang GuoShuJiang join day hong。The original Chinese fund investment department manager、The current day hong company stock TouZiBu general manager ZhouKeYan before GuoShuJiang came to day hong。Assistant to the general manager of NingChen, etc“Day hong old man”Was GuoShuJiang called“Stay elite”。

　　截至2012年7月31日，天弘基金投研团队共30人，其中，固定收益投研团队9人（含基金经理2人），权益类投研团队21人（含基金经理3人）。

By July 31, 2012，Day hong fund research team for thirty people，Among them，Fixed income for research team nine people（Contain fund manager 2 people），Rights and interests kind cast research team 21（Contain fund manager 3 people）。

　　7月26日公布的《天弘债券型发起式证券投资基金招募说明书》显示，郭树强的头衔除总经理外，还有投资决策委员会主席和投资总监。

Released on July 26,《Day hong bonds by type of securities investment fund recruit manual》shows，The title of the GuoShuJiang except the general manager，And investment decisions of the chairman of the committee and chief investment officer。

　　这或许缘于郭树强对自己的投资能力的自信。但一位业内资深研究人士表示，总经理毕竟要统揽全局。所以，寻找合适的投资总监或将是郭树强下一步的重要工作。

This may GuoShuJiang due to their own investment capacity of confidence。But a senior researchers said in the industry，General manager after all to dominating the overall situation。so，Searching for the right investment director or will be GuoShuJiang next important work。

　　公募基金一般追求相对收益，但天弘基金对基金经理考核在业内首家采用绝对收益考核指标。

Public enlisting fund general pursuit relative gains，But day to fund manager appraisal hong funds in the first use absolutely income assessment index。

　　记者了解到，天弘基金对旗下所有基金实施绝对收益考核标准。天弘基金每年都会基于对证券市场的分析，确定一个绝对收益目标，并根据市场实际运行情况作出调整，以绝对收益指标考核基金投资绩效，而不再考核基金经理的相对收益排名。

The reporter understands，Days, all funds of funds hong implementation of absolute returns appraisal standards。Day hong fund every year based on the analysis of the securities market，Sure an absolute earnings target，According to the market and the actual operation to make adjustments，With absolute returns index evaluation fund investment performance，And no longer assessment of the relative income fund manager ranking。

　　郭树强透露，天弘每个月度有投资决策委员会。有时候一个会要开10个小时以上。会议内容不是简单预测一下宏观经济走势，而是针对每一个重点投资，不仅研究员要详细讲解，基金经理也要对自己的投资组合向投研团队做详细介绍。

GuoShuJiang revealed，Day each monthly investment decision is dong committee。Sometimes a meeting 10 hours or more。Conference contents is not simple prediction for macroeconomic trends，But for each one of the key investment，Not only to explained researcher，Fund managers to their portfolios to throw the inquiry team do detailed introduction。

　　“投资人员不去做短期的投机，不是按流行的配置博弈去投资。这是天弘投研文化的基石。”郭树强说，“提倡绝对收益考核正是为了在制度上保证这一点。如果我做相对收益，意味着我盯着很多竞争对手。我盯不过来，最后变成了迷失自己。绝对收益考核是为了推动一个理性的投资。”

“Investment are not to do short-term speculation，Not by popular configuration game to invest。This is the day for the foundation of culture research hong。”GuoShuJiang said，“Advocate absolute returns to the system is in the examination that。If I do relative gains，Means I stared at many competitors。I stare at not to come over，Eventually became got lost。Absolute returns assessment is to promote a rational investment。”

　　“所谓理性投资，首先是指企业真正有价值，值得我买的时候我买了，而不是因为别人买了我也要买，同时根据市场实际情况进行卖出操作。”郭树强说，“天弘的每位基金经理只管理适宜的规模，不因管理过大规模而无法获得超额收益。”

“The so-called rational investment，First is to show the enterprise is a real value，Worth, I bought I bought，Not because people bought I also want to buy，According to the actual situation and market sells operation。”GuoShuJiang said，“Day of every fund manager hong only management for the size，Not by the management had a major who don't get the excess profits。”

　　一位资深的基金业研究人士则认为，基金公司或许可以把绝对收益产品作为专户业务发展的一个方向，但由于对基金仓位（如股票基金的仓位一般在60%到95%）以及缺少对冲机制、固定管理费率等一些政策或机制的限制，公募基金产品难以真正实现持续绝对收益。

A senior fund researchers argue that，Fund company may be the absolute returns products as the business development only door a direction，But because of fund positions（Such as stock fund position on general in the 60% to 95%）And lack of hedge mechanism、Fixed some policy management fee rate or mechanism restrictions，Public enlisting fund difficult to really achieve continuous product absolute returns。