马蔚华闲时喜欢到楼下招行营业部转悠，跟客户、理财经理聊天，听听对招商基金产品的反馈。 MaWeiHua when idle like to travel to walk downstairs business department,With the client/Finance manager to chat,Listen to the feedback of investment fund products.

　　理财周报记者 刘梦/深圳报道

Financial weekly reporter LiuMeng/shenzhen reports

　　“我面前最大的事情，就是要不断提高投研系统的水平和能力。”8月29日，时隔半年整，在深圳招商银行(600036,股吧)大厦28楼同一个办公室，同一张沙发上，记者再次见到了招商基金总经理许小松。

"Before me the biggest things,Is to continuously improve the level of the system for research and ability."On August 29,,After half a year the whole,In shenzhen China merchants bank(600036,guba)Building and building the same office,With a sofa,Reporters to see the investment fund XuXiaoSong general manager.

　　他到任一年，招商基金公募规模突破800亿，冲上行业第14位。但同时，招商基金前后共15次基金经理变更，投研系统和结构大改。

His term in a,Investment fund public offering scale break through 80 billion,Triumph in the industry 14th.But at the same time,Investment fund fund manager before and after a total of 15 times change,Throw inquiry system and structure of the big change.

　　许小松说：“我把自己定位为一个职业经理人。”这一波投研改革、人事调整是第一战略，已经全胜。第二战略正在酝酿，还不适合对外讲。

XuXiaoSong said:"I put their positioning as a professional manager."The wave of reform for research/Personnel adjustment is the first strategy,Has sweep.The second strategy is brewing,Also not suitable for foreign speak.

　　市场说，这是许小松的惯常路径——先确定部门核心，再大刀阔斧地进行人事调整。面对强势股东，许小松的改革必然受到限制。

Market said,This is the usual XuXiaoSong path - make sure the core department,Aggressive again on personnel adjustment.In the face of strong shareholders,XuXiaoSong reform inevitably limited.

　　一年赚233亿的大股东招商银行不在乎招商基金的净利润，也不想它做行业老大。但是，许小松却处处严苛控制成本，“裸发”基金，不断刷新首发纪录。为什么？

Earn a year 23.3 billion the major shareholder of China merchants bank doesn't care about the investment fund net profit,Also don't want it to do the industry.but,XuXiaoSong everywhere however tough control cost,"Bare hair"fund,Constantly refresh starting record.why?

　　了解了招商银行和马蔚华的想法，你才能了解许小松为什么这么做。

Understanding of the China merchants bank and MaWeiHua ideas,You can understand the XuXiaoSong why do it.

　　我们再走近一点。

We'll come a bit nearer.

　

　半年发五只基金 Half a year to send five fund

　　许小松的办公桌上仍然堆着一叠财经报纸、一套功夫茶具。他手中仍然夹着一根点燃的香烟，吞吐烟雾。

XuXiaoSong desk is still a pile of a pile of financial newspapers/A set of kung fu tea set.His hand still clip with a lighted cigarette,Huff and puff smoke.

　　员工形容许小松“最近看起来心情很好，满面春风”。但接受采访时，许小松叹了口气说，其实我心情不好，市场下跌，我很焦灼。产品发行不错，只是稍微欣慰一些。

Describe XuXiaoSong employees"Recent looks in a good mood,All smiles".But an interview,XuXiaoSong said with a sigh,Actually I'm in a bad mood,Market decline,I'm deeply worried.Product release good,Just a little bit some relief.

　　“招商安盈保本一日售罄45亿”的消息，成为近些天来公募基金行业最火爆的传唱消息。

"Merchants Ann surplus break-even day sold out 4.5 billion"news,Become in recent days to public offering fund industry's most popular recited news.

　　2012年以来，招商基金产品发行节奏快过以往任何一个时期。招商优势企业、招商产业债、招商中证大宗商品分级、招商信用增强债、招商安盈保本五只基金几乎无缝隙发行。

Since 2012,Investment fund product release rhythm faster than any previous a period.Investment advantage enterprise/Investment industry debt/Merchants demonstrated commodity classification/Investment credit enhancement debt/Merchants Ann surplus break-even five fund almost no gap issue.

　　目前，这五只基金的保有规模分别分1.42亿份、34.95亿份、4.28亿份、37.19亿份、45.60亿份。

At present,The five fund keep scale of 142 million points, respectively/3.495 billion copies/428 million copies/3.719 billion copies/4.56 billion copies.

　　后三只基金均是“裸发”，即不印制任何折页、彩照、海报等宣传资料，也不做广告，仅通过邮件、短信做宣传，除人力和差旅费以外几乎“零成本”发行，招商信用债和招商安盈保本均一日售罄。

After three fund are"Bare hair",That is not to print any folders/color/Posters and promotional material,Also don't do advertising,Only through the mail/SMS to do propaganda,In addition to human and travel outside almost"Zero cost"issue,Investment credit debt and investment promotion Ann surplus break-even are sold out one day.

　　彼时，有上海基金公司市场部人士调侃：“是不是投资者教育已经到位，基金市场渠道人士可以狗烹了？”

At the,Have Shanghai fund company marketing people ridicule:"If investors education already in place,Fund market channel personage can cook the dog?"

　　如市场预期，招商银行成为了最大的贡献者。许小松透露，招商安盈保本发行的45亿规模里，招商银行卖了43个亿。“销售量超过90%。但费率上没有一丁点儿优势。”许小松说。

If the market is expected,China merchants bank became the largest contributor.XuXiaoSong revealed,Merchants Ann surplus break-even issued in 4.5 billion scale,China merchants bank sold 43."Sales of more than 90%.But rate without a tiny bit advantage."XuXiaoSong said.

　　此前，由于银行系基金公司已有“打招呼”下指标的特例，招商基金产品近来在招商银行火爆发行，也被质疑。

after,Due to the bank system fund company has"Say "hello""The index of the special case,Investment fund products recently in China merchants bank hot issue,Was also questioned.

　　“产品发行前我都没见过刘建军。”许小松说。刘建军是招商银行零售金融部总监，是对接基金发行的负责人。

"Before the release of the product I haven't seen LiuJianJun."XuXiaoSong said.LiuJianJun is China merchants bank retail banking director,Is the head of the joint fund issue.

　　招商安盈保本发行完成后，许小松给外出中的马蔚华发了一条短信，告知产品一日售罄，规模45亿。据闻，在上飞机时收到短信的马蔚华也笑了。

Merchants Ann surplus break-even issue after completion,XuXiaoSong to go out of the MaWeiHua send a message,Inform products sold out one day,Scale 4.5 billion.Cashing in on,In the plane of the SMS MaWeiHua also smiled.

　

　招商基金股东到底要什么？ Investment fund shareholders exactly want what?

　　按照股东银行年报，2011年招商基金营业收入6.02亿元，同比增长6.35%。净利润1.71亿元，同比增长5.10%。

According to the shareholders bank annual report,2011 investment fund business income is 602 million yuan,Year-on-year growth of 6.35%.Net profit of 171 million yuan,Year-on-year growth of 5.10%.

　　而招商基金在2012年上半年的净利润仅7292.42万元，同比下降45%。招商基金净利润为何瞬间掉头向下？

And investment fund in the first half of 2012 net profit only 72.9242 million yuan,45% year-on-year drop.Investment fund net profit why instant u-turn down?

　　许小松解释道，三年一度的社保基金管理佣金在2011年已经提取，6000万的营收约创造了3000多万的净利润。此外，招商基金此前照例在下半年底提取薪酬，但2012年薪酬提取结算改为每季度一次，因而，上半年的净利润数据同比下降明显。

XuXiaoSong explained,Triennial social security fund management commission in 2011 has extraction,60 million revenue about created more than 3000 net profit.In addition,Investment fund as usual in the second half after bottom extraction salary,But in 2012 salary extraction settlement instead once a quarter,therefore,The first half net profit year-on-year data down significantly.

　　但对于一年创造233亿元净利润的招商银行来说，1个多亿的净利润显然只是“鸡毛蒜皮”。“马蔚华脑子里不会纠结这几千万块的事儿。”

But for a year to create 23.3 billion yuan net profit for the merchants bank,1 more than net profit obviously just"trifles"."MaWeiHua mind not ravel the tens of millions of pieces of business."

　　但招商基金今年以来已经有三只基金“裸发”，即不印制任何宣传材料、折页、广告，只通过邮件和信息等沟通，以节省成本。

But investment fund since this year has three fund"Bare hair",That is not to print any publicity materials/folding/advertising,Only through the mail and information communication,To save cost.

　　另外，招商基金存在不少基金经理一拖多的情况，“人尽其用”昭示着许小松对成本控制的严苛。

In addition,There exist a lot of investment fund fund manager of tuo,"People use its use"XuXiaoSong heralds of cost control of the tough.

　　背靠财大气粗的股东招商银行，许小松对净利润何以如此苛刻？招商银行对招商基金究竟提了什么样的经营要求？

Back moneybags shareholder China merchants bank,XuXiaoSong to net profit why so demanding?China merchants bank for investment funds raised what what kind of business requirements?

　　此前理财周报曾做过《董事会报告》的系列报道，剖析股东对基金公司的具体要求。其中，多数券商系基金公司由于自己本身利润不佳，对持股基金公司的利润要求、成本控制要求较严格。

Previous financial weekly had done[The board of directors report]In a series of reports,Analyzes shareholders of fund company's specific requirements.the,Most of the securities trader system fund company because of his poor profit itself,Shares of the fund the profits of the company requirements/Cost control requirements are strict.

　　银行系基金公司“不差钱”，但对基金公司规模、行业排名颇为看重。工商银行(601398,股吧)就曾提出，要求工银瑞信做大规模，成为一家“与世界第一大银行相匹配的基金公司”。

Department of banking fund company"Not bad money",But to fund company scale/Industry rankings rather value.Industrial and commercial bank of(601398,guba)It was put forward,Work for silver red letter do mass,Become a"And the world the first big bank matching fund company".

　　招商银行显然做不过四大行，因而也不想让招商基金做老大。

China merchants bank obviously do but four line,And also don't want let investment funds do the boss.

　　“马行长最看重招商的口碑。分行的行长们对招商基金产品的反馈，银行渠道第一线客户经理对招商基金产品的反馈，是马行长最为看重的。” 许小松端着白色的瓷杯说，“规模和净利润方面，股东从没给我下过一个具体的经营指标，包括招商证券(600999,股吧)股东，真的没有。”

"MaHangChang value most business reputation.The branch of the governor of investment fund product feedback,Bank channel first line customer manager to investment fund product feedback,Is MaHangChang pay most attention to." XuXiaoSong end with the white porcelain cup said,"In size and net profit,Shareholders have never give me a specific business indicator,Including China merchants securities(600999,guba)shareholders,Really didn't have."

　　马蔚华闲时喜欢到招商银行的支行营业部转悠，跟客户、理财经理聊天，看看产品销售情况。

MaWeiHua idle like to China merchants bank branch sales department turn leisurely,With the client/Finance manager to chat,Look at the product sales.

　　招商基金在近半年多以来在固定收益产品上的口碑好，规模也随之增长，让马蔚华对许小松的工作成绩颇为认可。

Investment fund in more than half year since the fixed income products, the good reputation,Scale has increased,Let MaWeiHua to XuXiaoSong work was recognized.

　　“招商基金的产品一天能在招商银行卖这么多，这意味着，招商基金的产品受到招商银行客户的认同了。”一位接近马蔚华的人士说。对于马蔚华来说，招商基金或许是未来旗下最主要的资产管理机构。

"Investment fund product one day in China merchants bank sell so many,This means that,Investment fund products by China merchants bank customer identification with the."A person close to MaWeiHua said.For MaWeiHua speaking,Investment fund is perhaps its future the main asset management mechanism.

　　通过招商基金的产品，伺候好招商银行客户，实现双赢。按照安盈保本当日45亿的发行，招商银行销售获利高达数千万。据接近招行渠道的人士称：“银行恨不得基金公司天天这么发。”

Through the investment fund products,To serve good investment bank customers,Achieve a win-win situation.According to Ann surplus break-even day 4.5 billion issue,China merchants bank sales up to tens of millions of profits.According to close to the travel channel person said:"The bank can't wait to fund company so hair every day."

　　董事会上的目标 The board of directors of the target

　　许小松到任后，通过持续营销，拉高了固定收益产品的申购规模。到2012年中，招商基金管理资产总规模已经接近1000亿，其中公募规模803亿元，相比2011年底增长200亿。

XuXiaoSong after arrival,Through the continuous marketing,Pull up the fixed income products purchase scale.To 2012 years,Investment fund management assets total scale is close to 100 billion,The public offering of 80.3 billion yuan,By the end of 2011 compared with 20 billion growth.

　　目前，招商基金的股东结构中，招商银行作为大股东持股33.4%，招商证券持股33.3%，荷兰ING投资持股33.3%。

At present,Investment fund shareholder structure,China merchants bank as a big shareholder holds 33.4%,China merchants securities 33.3% shareholding,The Dutch ING investment holding 33.3%.

　　招商证券本身净利润营收不佳，对净利润较为看重，这从其对另一家基金公司博时的经营要求中可以看到。

China merchants securities itself net profit revenue not beautiful,Net profit of more value,This from the another fund company when rich business requirements, we can see.

　　据了解，由于招行持股更为集中，招商证券很少干涉招商基金日常事务。但偶尔会给招商基金高管打电话询问公司近来净利润、规模保有增长，以及风控的情况。

It is understood,Because China merchants bank holding more concentrated,China merchants securities investment fund rarely interfere with daily affairs.But occasionally will give investment fund executives call to ask the company recently net profit/Scale maintain growth,And wind control situation.

　　许小松在2011年9月的董事会上，曾自己主动提出，希望用一年的时间过渡，稳定公司，三年交出一个相对满意的成绩——三年内，公司的股票型基金业绩在同类中保持在前40%左右的水平，固定收益产品则能持续提供稳定回报。

XuXiaoSong in September 2011 on the board of directors,Once their offer,Hope in a year's time transition,Stable company,Three years hand over a relatively satisfactory result - three years,The company's stock fund performance in the similar keep before the level of 40%,Fixed income products, can continue to provide stable returns.

　　此外，许小松还主动提出，将会带领公司在三年内冲进行业前15位。彼时，2011年三季度末，招商基金的公募基金份额为441亿份，在行业中排名第25位。

In addition,XuXiaoSong also offered,Will lead the company in three years before 15 rushed into the industry.At the,In 2011 at the end of the third quarter,Investment fund public offering fund share for 44.1 billion a,In the industry in a 25.

　　没想到短短一年时间，许小松实现了规模承诺。这伴随着许小松顺畅地进行投研改革、人事调整，而丝毫没有受到董事会的质疑和干扰。

Thought just a year,XuXiaoSong realize the scale commitment.This XuXiaoSong with smoothly for the reform of the research/Personnel adjustment,And without any question of the board of directors and interference.

　

　近十位基金经理离职离任 Nearly ten fund manager turnover departure

　　许小松的“新政”有同一个路径，到任即对公司的人员进行调任，将部门压轴的核心人物一一确定。而后，对他认为不适合的职位进行人员调整。

XuXiaoSong of"New Deal"Have the same path,Availability is to the company's personnel transfer,The department of the axis core characters determine one.then,He says he does not think to suitable jobs personnel adjustment.

　　许小松2008年7月正式公告担任国联安基金总经理。次年3月，许小松从上投摩根挖来王峰，到国联安担任副总，分管市场和产品。此后，许小松花了一年的时间“四顾茅庐”，终于说服当时在华宝兴业的魏东转投国联安，掌管投资。

XuXiaoSong in July 2008 formally announced the nl Ann fund as general manager.The following year in March,XuXiaoSong from upthrow Morgan dig to wang feng,To the nl Ann as deputy,In charge of market and product.Since then,XuXiaoSong spent a year's time"Four attend to thatched cottage",Finally persuaded was in warburg industrial of WeiDong heading for the nl Ann,Over investment.

　　核心团队确认后，便可对投研进行改革。2009年10月开始，国联安几位核心基金经理李洪波、吴鹏、冯天戈等数次变更管理基金，后离职。

The core team after confirmation,Can be cast on research to reform.October 2009,The nl Ann several core reserves of fund managers/WuPeng/FengTianGe etc several times change management fund,Leave after.

　　许小松是在2011年10月28日公告担任招商基金总经理的。但此前数月，静默期内，许小松已经在公司熟悉业务。

XuXiaoSong is in on October 28, 2011 notice served as general manager of investment funds.But after months of,Silent period,In the company XuXiaoSong has been familiar with the business.

　　2011年11月至2012年2月，招商基金即开始密集地发布基金经理变更公告，不少基金的掌舵者更是反复数次更换。

In November 2011 to February 2012,Investment fund namely began to densely release fund manager change announcement,A lot of fund helmsman is repeated several times change.

　　按照记者统计，招商基金经理张国天、涂冰云、韦文赞、周德昕、刘冬，以及分管投研的副总裁杨奕先后离开公司，公告标注均是“个人原因”。

According to the reporter statistics,Investment fund manager ZhangGuoTian/TuBing cloud/WeiWenZan/ZhouDeXin/LiuDong,In charge of the research and for vice President YangYi has left the company,Announcement are marked"Personal reasons".

　　另外两位基金经理张力、刘军离任，但仍然留在公司。

Two other fund managers tension/Liujun departure,But still stay in the company.

　　据了解，离开的人当中，有部分追随成保良投身PE行业，也有部分因为不适应许小松的阿尔法新政而离开。

It is understood,Of all the people left,Some follow ChengBaoLiang in PE industry,There are some because they do not adapt to the XuXiaoSong alpha New Deal and leave.

　　许小松的阿尔法业绩追踪器，要求每位基金经理投资中，60%的仓位需要完完全全复制招商基金投资决策委员会的投资组合，其余40%的仓位由基金经理个人操作，创造阿尔法。

XuXiaoSong alpha performance tracker,Required every fund manager in investment,60% of the location need completely copy investment fund investment decision committee's portfolio,The remaining 40% of the location by the fund manager individual operation,Create alpha.

　　这让不少基金经理忽然感觉不适应。“感觉自己基金的钱不让自己管了。”

It makes a lot of fund managers feel suddenly does not adapt."Feel fund money not to tube."

　　还有个别因为业绩不佳，“不适合公募”，被许小松调任。“我刚来的时候确实吓一跳，怎么有些基金业绩是垫底的。”许小松说。

There are individual because of poor performance,"Not suitable for public offerings",Was XuXiaoSong transfer."I just come really surprised,How some fund performance is the bottom."XuXiaoSong said.

　　尽管动荡如是，许小松仍然将“坚定不移、更加彻底地推行改革”。时至今日，许小松坦言，招商基金投研团队的调整已经基本到位。

Although turbulence if,XuXiaoSong still will"unswervingly/More thorough reform".today,XuXiaoSong said,Investment fund for the adjustment of the research team has been basically in place.

　　目前，招商基金投研系统结构较为扁平，袁野负责公募，杨渺负责专户，张国强负责固定收益部，原督察长吴武泽由于在被动投资方面也有特长，被调任负责量化投资部。

At present,Investment fund for research system structure is relatively flat,YuanYe responsible for public offerings,Yang atto responsible for only door,Zhang guiquan responsible for fixed income department,The inspector general WuWuZe because in passive investment also has specialty,Be responsible for transfer quantitative investment department.

　　对于副总裁杨奕的离开，许小松表示，自己曾一再地挽留。事实上，早在成保良担任招商基金总经理时，杨奕就曾提出过辞职，但被劝回。成保良离开前曾向许小松提过，杨奕有离职想法，要留意稳定。

For vice President YangYi left,XuXiaoSong said,He had over and over again to retain.In fact,As early as in ChengBaoLiang as investment fund manager,YangYi had offered to resign,But are advised to back.Before you leave to ChengBaoLiang had XuXiaoSong mentioned,YangYi have exit idea,Should pay attention to the stability.

　　2012年7月28日，招商基金发布公告，副总杨奕离职。记者彼时拨通了杨奕的电话，电话中的杨奕听起来仍然不轻松，他说：“个人在公募基金行业呆了这么多年，确实感觉疲惫，离开也是要先休息一下。”

On July 28, 2012,Investment funds by way of a public announcement,Deputy YangYi exit.Reporters at the YangYi dialed the telephone,The phone YangYi sounds are still not easy,He said:"People in public offering fund industry for so many years,Do feel tired,To leave is to take a rest."

　　许小松在8月29日接受采访时也表示，杨奕个人压力比较大，离职后应该不会再回到公募基金行业。

XuXiaoSong on August 29, interviews also said,YangYi personal pressure is bigger,After leaving should not return to public offering fund industry.