⊙本报记者 陈俊岭

ChenJunLing ⊙ our reporter

　　国内财富管理市场已进入诸侯并起的春秋战国时代！

Domestic wealth management market has entered the seigneur and up the spring and autumn period and the warring states period！

　　8月22日，证监会发布《证券公司客户资产管理业务试行办法（征求意见稿）》（下称《试点办法》）及配套实施细则，大大放宽了券商资管的投资范围。至此，继银行、信托、基金等金融机构之后，券商也全面切入财富管理市场。

August 22，Securities regulatory commission issued《Customer asset management business of securities companies for trial implementation measures（draft）》（said《Pilot measures》）And the detailed rules for the implementation of form a complete set，Greatly eased restrictions brokers endowment tube investment scope。So far，The bank、trust、Funds, and other financial institutions after，Brokers also comprehensive cut wealth management market。

　　面对诸侯并起的财富管理市场，信托业能否续写资产规模和信托报酬高速增长的既往辉煌？在业务战线拉长后，其后台的风控部门能否招架规模膨胀带来的潜在风险？也成为当前信托业界关注的话题。

In the face of the princes and the wealth management market，Can trust industry continue to asset scale and trust reward high speed growth always brilliant？In business front after stretched，The background of wind control department can answer scale expansion bring potential risk？Has become the current focus on the topic of the trust industry。

　　诸侯并起 信托内外竞争加剧 Princes and the trust internal and external competition

　　值得注意的是，上述《试行办法》在取消了集合资产管理计划行政审批并改为备案管理的同时，两项细则还明确放宽了券商资管的投资范围和资产运用方式。

It is important to note that，The above《Trial implementation measures》In the aggregate asset management plan was cancelled administrative examination and approval to record management and at the same time，Two rules also clear to relax the securities trader endowment tube investment scope and asset operational mode。

　　其中，对于主要面向中小客户的一般集合计划投资范围增加中期票据、保证收益及保本浮动收益的商业银行理财计划；而对于面向高端客户的限额特定资管计划，将允许其投资商品期货、利率远期、互换以及证券公司专项资管计划、银行理财计划、信托计划等金融产品。

the，For mainly to small and medium-sized customers' general set plans to invest range increased medium-term notes、Ensure that income and break-even floating income commercial bank financing plan；For the high-end customer limit specific endowment tube plan，Will allow its investment commodity futures、Long-term interest rates、Exchange and the securities company special endowment tube plan、Bank financing plan、The trust plan, and other financial products。

　　“尽管上半年信托业绩依然喜人，但受内需不足及外围经济持续不景气影响，信托行业发展将面临压力与挑战，竞争态势也愈发明显?”本月24日，平安信托发布半年报时直指信托业内外竞争环境的变化。

“Although trust in the first half performance is satisfactory，But the insufficient domestic demand and peripheral economy remains sluggish influence，Trust industry will be faced with the pressure and challenges，Competitive situation also is increasingly clear?”This month 24，Ping an trust by half a year time pointed to the change of competitive environment inside and outside the trust industry。

　　平安信托半年报显示，上半年借助集团的综合金融优势，今年以来私人财富管理业务稳健增长，高净值客户数已突破15000人，较上年末增长21.3%，信托资产管理规模达2362.42亿元，较上年末增长20.4%?

Ping an trust semi-annual report shows，In the first half of the group's help to comprehensive financial advantage，Since this year the private wealth management business steady growth，High net worth customer number has reached 15000 person，A ShangNianMo growth of 21.3%，The trust assets management scale up to 236.242 billion yuan，A ShangNianMo growth of 20.4%?

　　事实上，包括平安信托在内的整个信托业过去几年的高速增长背后，则是国内高净值客户及管理财富数量的急剧增长，在这场财富的盛宴中，并不单单是信托公司“独门宴”，银行理财、基金、券商等金融机构都在虎视眈眈。

In fact，Including ping an trust, trust industry in the past few years the rapid growth of the back，Is the domestic high net worth clients and managing wealth number of rapid growth，In the wealth of the feast，Not only is a trust company“Alone door feast”，Bank financing、fund、Brokers, and other financial institutions are in eye covetously。

　　而在其中，银行理财产品发展尤为迅猛。据统计，2010年，银行理财产品发行量首次突破10000款，发行规模达到7万亿元。而在2011年，银行共发行理财产品23755款，发行规模16.49万亿，同比翻番。而在今年，尽管收益率有所下降，其发行规模仍有望再创新高。

And in the，Bank financing product development is rapid。According to the statistics，In 2010,，Bank financing products circulation in for the first time in 10000，Issue size reach 7 trillion yuan。In 2011，Bank issued a total of financial products in 23755，Issue size 16.49 trillion，Double year-on-year。This year，Although yields fell，The issuing scale are still expected to hit a record high。

　　此外，作为基金公司的创新业务，长盛、建信、汇添富等基金也纷纷推出短期理财基金来抢食市场，其门槛更低、期限更灵活的短期理财基金，相较于最低100万起点，最少锁定1年的信托产品，更具“亲民性”和“诱惑力”。

In addition，As a fund company's innovative business，Long cheng、Built letter、Collect more rich and funds have also launched short-term financial fund to steal food market，The lower threshold、Term more flexible short-term financial fund，Compared with the lowest 1 million starting point，At least 1 years of lock trust products，more“Close to people sex”and“allure”。

　　“在一定时期内，市场的财富是相对固定的，投资人最终会选择哪类金融机构？收益率自是考虑首选，但流动性和潜在风险也是其考量的重要方面。”一位资深信托业人士对记者表示，在金融混业经营蔚然成风的情势下，信托业的既往优势正在日渐削弱。

“In a certain period of time，The wealth of the market is relatively fixed，Investors will eventually choose which kind of financial institutions？Rate of return naturally consider first choice，But liquidity and potential risk is also an important aspect of its considerations。”A senior people trust industry told reporters，In the financial mixed operation become common practice conditions，Trust industry always advantage is increasingly weaken。

　　无疑，面对各类金融机构争相加入财富管理业务的竞争，信托公司的制度红利将消减的越来越快，信托公司必须强化自主财富管理能力，提高客户服务说平，才能在未来的财富管理市场继续占领一席之地。

undoubtedly，In the face of all kinds of financial institutions to join wealth management business competition，The system of the trust company profits will be cut by more and more quickly，Trust company must strengthen independent wealth management ability，Improve customer service said flat，Can in the future wealth management market continues to occupy a place。

　战线拉长 后台风控能否招架 Front spin control after the typhoon can parry

　　在房地产信托、矿业信托风险频频暴露之际，再加上金融业界其他金融机构的竞争，目前信托业界正刮起一场信托业务突围的“转型风”——从基建信托到艺术信托，从养老信托到林业信托，但凡社会各方需求资金的领域，都可见到信托业务经理的身影。

In real estate trust、Mining trust risk exposure of again and again，Plus the financial industry competition other financial institutions，At present the trust industry is to blow a trust business of the break out of an encirclement“Transformation wind”- from capital trust to art trust，From the pension trust to forestry trust，In every case the parties society needs capital field，All visible to the figure of the trust business manager。

　　不久前，山东信托总经理相开进接触到一个林权质押的项目，由于该类信托项目接触较少，他对林产企业融资后做什么，项目风险如何，起初心中都没底，后来他派律师和会计师到实地调研后才知道，他们拿钱后去买化肥和农药。

Not long ago，Shandong trust general manager phase into the contact to a forest right pledge project，Because of the trust project contact less，He to forestry enterprise financing do after，Project risk how to，At first heart are unavoidable，Then he sent lawyers and accountants to on-the-spot investigation to know，They take money to buy fertilizers and pesticides。

　　为确保项目风险，相开进派项目人员找到这家企业上游的化肥厂和下游的家具制造商和木浆厂做问卷调查，包括不同类型的产品价格，市场供求等情况。此外，由于质押物为林木，为防止意外灾害，还强制该公司交保费，保项涵盖火灾、水灾、风灾等自然风险。

To ensure that project risk，Phase into the pie project personnel find the enterprise in the upper reaches of the chemical fertilizer plant and downstream furniture manufacturers and wood pulp factory do questionnaire survey，Including the different types of the price of a product，The market supply and demand, etc。In addition，Due to pledge for trees，To prevent accidental disasters，Also forced the company to pay insurance cost，The term covers fire、flood、Cyclone and other natural risk。

　　“一般而言，民营企业的财务报表，即便是经过审计，有时候也不准确，这时候我们经常需要对报表进行还原，要把这个企业的真实情况，产业上下游和主营业务各个方面进行实地调查。”提及信托业务的风险，相开进对记者坦言，对于不熟悉的项目，他们“宁可舍弃大项目，也不会违背自己的风险控制底线。”

“Generally speaking，The private enterprise's financial statements，Even after the audit，Sometimes is not accurate，This time we often need to report for reduction，To put this enterprise's real situation，Downstream industry and the main business field survey on all aspects。”Refer to the risk of trust business，Phase into said to reporters，For not familiar with the project，they“Would rather give up large project，Also will not violate their risk control the bottom line。”

　　在信托业资产规模屡创新高后，信托业内也对信托业的风险也关注度也在日渐升温。在近期多家信托公司召开的年中工作会议上，“严格控制风险，不碰政策红线”也再度成为信托公司风控的“关键词”。

In trust business asset scale after reached record high，Trust industry also to the risk of trust industry also attention are also gradually warming。In the recent several trust company at the years work meeting，“Strictly control risk，Don't touch the red line policy”Also once again has become a trust company wind controlled“keywords”。

　　可以预见，在银行、信托、券商、基金等各类金融机构诸侯并起的财富管理市场，未来市场的竞争必将进一步加剧，而在这一竞争中，各方财富管理能力以及风险分析及处置能力也必将进一步予以重视——如何在前台业务战线不断拉长的同时，后台风控部门仍鞭长能及，这将是各家财富管理机构面对的共同课题。

Can foresee，In the bank、trust、brokers、Fund and other kinds of financial institutions and the governors of wealth management market，The future market competition will further aggravate，But in this competition，The parties wealth management ability and risk analysis and disposal ability will be further attention - how to on the business front stretch continuously at the same time，After the typhoon control departments are still long whip and，This will be their wealth management mechanism in the face of the common topic。