把资产配置给多个优秀基金管理人，不存在双重收费 The asset allocation to more excellent fund manager,Does not exist double charge

　　刘田

LiuTian

　　国外发展迅猛的MOM（Manager of Manager）模式正在国内落地开花。

Foreign the rapid development of the MOM(Manager of Manager)Patterns are domestic landing flowering.

　　传统的私募或公募基金业务是把众多客户的钱聚起来给一个公司或基金经理管理，MOM业务是把规模资产配置给分散在不同公募或私募公司的多个优秀基金管理人。

The traditional private or public offering fund business is the numerous customers' money gather up to a company or fund manager to manage,MOM business is the size asset allocation to disperse in different public offering or private company more excellent fund manager.

　　多管理人基金 More fund managers

　　今年8月，平安罗素MOM一期信托正式成立，首募规模1.125亿份。8月6日，第一家中国本土MoM公司——万博兄弟资产管理公司正式成立。

August,Peace Russell MOM a period trust formally established,The first offering scale of 112.5 million.6 August,The first a Chinese native MoM company, fair brother asset management company was officially established.

　　万博兄弟资产管理公司董事长滕泰在接受第一财经日报《财商》采访时表示，其公司是一家平台型资产管理企业，在宏观对冲策略下开展MOM业务，目前已经签约了一些机构客户，预计10月份将发行一只MOM集合理财产品。

Fair brother asset management company chairman TengTai in accept the first financial daily[Money business]Interviews that,The company is a platform type asset management enterprise,In macro hedge strategy to carry out MOM business,At present has already signed some institutional clients,Is expected in October will issue a MOM set financial products.

　　MOM模式属于多管理人基金的一种，目前在国外已经较为成熟，美国MOM投资产品的资产管理规模从2000年的2440亿美元已迅速增至当前的上万亿美元。

MOM model belongs to a kind of fund managers more,At abroad are already relatively mature,The United States MOM investment products asset management scale from $2000 in 244 billion to the current has been rapidly trillions of dollars.

　　“MOM模式可以分为两段，首先是通过宏观策略研究确定各类资产配置比例，规避系统性风险，这可以确保资金一个大的收益水平。”滕泰表示，“然后在某一个细分领域找合适的基金经理，这保证可以在细分领域获得超额收益。”

"MOM mode can be divided into two sections,The first is through the macro strategy determine all kinds of asset allocation proportion,Avoid systemic risk,This can ensure that funds are a big income level."TengTai said,"Then in a certain segmentation field to find suitable fund manager,This ensures that can get excess profits in niche areas."

　　“我们可以合作的基金经理包括公募、私募、券商资管、独立基金经理，甚至还包括PE基金和商品基金。”滕泰指出，只是公募产品基金经理暂时并不能参与MOM管理，按照目前监管部门的要求为了防止利益输送的问题，凡是管理专户的基金经理都不能管理公募基金，所以公募公司中只能挑选专户基金经理。“社保和企业年金也是一样，不能挑选公募产品基金经理管理资金。”

"We can cooperation fund managers including public offering/private/Brokers endowment tube/Independent fund manager,Even including PE funds and goods fund."TengTai pointed out that,Only public offering products fund managers temporarily does not participate in MOM management,According to the current regulatory requirements in order to prevent the interests of the transport problems,Those who only door management of fund managers can't manage public offering fund,So public offering companies can only choose only door fund manager."Social security and enterprise annuity is the same,Don't pick your public offering products fund manager to manage the fund."

　　不存在双重收费 Does not exist double charge

　　其实，在MOM模式引入国内之前，同样属于多管理人基金的TOT和FOF已在市场上占据一席之地。根据私募排排网的数据，目前已有53只TOT产品，但2012年以来新发行的TOT产品仅一只。

In fact,In MOM mode is introduced into the domestic before,Also belong to many of the fund manager TOT and FOF has set up a file in the market share.According to the private row by row network data,There are 53 TOT only products,But since 2012 new issue only a TOT products.

　　“TOT产品今年以来遇冷主要有两方面原因。”新浪仓石研究中心分析师高文杰对记者表示，一是过去发行的TOT产品都是精选当年业绩优异的产品，但由于私募业绩持续性比较差，很多业绩都变差了，导致了TOT产品业绩不佳。另外一方面，TOT管理人的主动管理性较差，很多TOT是固定投资某几只产品，没有太大变动，而且由于申购产品后有一定封闭期，所以很难发挥主动“择时”能力。

"TOT products since this year in cold there are two major reasons."Sina CangShi research center GaoWenJie analysts told reporters,One is the issue of the TOT products are selected the excellent performance of the product,But as private persistent poor performance,A lot of outstanding achievement is worse,Led to the product performance is not good TOT.On the other hand,Active managerial TOT the administrator is poor,A lot of TOT fixed investment is one of a few products,Not too big change,And because the purchase products, theres a close period,So it is difficult to play the initiative"timing"ability.

　　高文杰指出，MOM对于FOF和TOT的改良，一是在于它组合的是基金经理，而非产品；二是在于变双重收费为单一收费。

GaoWenJie pointed out that,MOM for FOF TOT and improved,A is it combination is the fund manager,Rather than product;The second is variable double charge for a single charge.

　　目前TOT和FOF产品都存在双重收费的问题，除了TOT和FOF管理方收取一定管理费外，TOT产品购买阳光私募的管理费和个人投资者购买是差不多的，只是申购费上略少一些。

At present there are TOT and FOF products double charge problem,In addition to TOT and FOF management charge a fee outside,TOT product purchase sunlight private management fees and individual investors buy is much the same,Just explain buy fee on slightly less.

　　“我们的收费不会高于目前阳光私募或者专户的收费水平。”滕泰指出，对于选中的基金经理，会根据对方机构的管理能力、基金经理的业绩和知名度以及委托资产规模的不同，给予不同的管理费分成，所以不存在双重收费的问题。

"Our charge not higher than the current sunshine private or only door fee level."TengTai pointed out that,For the selected fund manager,According to the other party institution management ability/The fund manager's performance and popularity and entrusted assets scale is different,Give different charge into,So does not exist the problem of double charge.

　　“MOM另一大优势是更加灵活。”融智投资负责TOT产品管理的何卫玲对记者表示，如果是投资成型的私募产品，买入赎回都有一些限制，特别是赎回，一般都有不超过6个月的资金封闭期，此外阳光私募产品在单一股票投资比例也有限制；但MOM和基金经理合作则是以专户的形式，资金进出都更方便，投资个股限制也很少。

"MOM another big advantage is more flexible."RongZhi investment is responsible for the management of TOT products HeWeiLing told reporters,If it is the private investment molding products,Buy redemption has some limitations,Especially the redemption,Generally has no more than 6 months of funds close period,In addition the sun private products in a single stock investment proportion is also limited;But MOM and fund manager cooperation is only door form,Capital turnover are more convenient,Investment stocks restrictions also very few.

　　滕泰指出，MOM管理人对基金经理投资不会干预太多，除非基金经理投资风格和之前相比发生明显变化，就可能会进行一些调整。“我们更多是在前端控制风险，如果投资股票，那就是大概率认为股票上涨；如果选一个牛市基金经理，他的风格激进些没关系，因为一来前端资产配置和风险对冲已经对他潜在的风险做了防范，二来同一个账户组合中的其他基金人的不同风格对冲也会吸收部分风险。”

TengTai pointed out that,MOM manager to fund manager investment will not interfere in too much,Unless the fund manager investment style and than before the altered obviously,May make some adjustment."Us more is in the front end control risk,If you invest in stocks,That is the big probability think a stock rise;If choose a bull market fund manager,His style radical some of it doesn't matter,Because the way the front asset allocation and risk hedge has to his potential risks do prevent,Secondly the same account of the combination of the different styles of people other funds of hedge will also employ some risk."

　　如何挑选基金经理 How to choose the fund manager

　　对于MOM管理人而言，除了具备较强的宏观研究和资产配置能力外，如何精选出优秀的基金经理是一大难题。

As for MOM manager,In addition to good macro research and asset allocation ability outside,How to select the outstanding fund manager is a big difficult problem.

　　“每位基金经理都有自己固有的投资风格，MOM公司第一要务是通过长期业绩跟踪分析，找出各种市场背景下具有持续超额收益能力的优秀基金经理，放入自己的人才数据库。”滕泰指出，数据库的建设是第一步，然后需要通过模型进行归因分析，找出其获得超额收益的原因，更关键的是还要通过正面或者侧面的访谈，看看究竟是其个人能力，还是其他外部原因，由此才能确信其获取超额收益表现的可持续性。

"Every fund manager has its own inherent investment style,The first priority is to MOM through long-term performance tracking analysis,Find out all kinds of market background has sustained excess earning power of excellent fund manager,In his talents database."TengTai pointed out that,The construction of the database is the first step,Then need through the model attribution analysis,Find out the reason for the excess earnings,More important is to through the front or side of the interview,See what is the individual ability,Or other external causes,Thus to make sure that the extra yield performance of sustainability.

　　“目前券商资管基金经理的数据不是特别全，更难建立的是商品基金和PE基金管理人的数据。”滕泰表示，部分专户基金经理此前都有公募产品管理经验，依然有业绩可循，或者可以通过访谈方式了解。

"At present brokers endowment tube fund manager of the data is not particularly full,Harder to build is commodity funds and PE fund manager of data."TengTai said,Part of the fund manager only door after all have public offering products management experience,Still have performance to follow,Or can through the interview way to learn.

　　滕泰指出，前期会把合作重点放在私募、券商资管和一些独立基金经理人。“对于独立基金经理，会给予一定研究支持，此外可能通过"风险保证金"等措施，确保委托资金安全。”

TengTai pointed out that,The cooperation the emphasis on private/Brokers endowment tube and some independent fund managers."For independent fund manager,Will give certain studies support,In addition may through the"Risk deposit"Measures such as,To ensure the safety of fund, entrusted."

　　据了解，平安罗素研究基金经理的重点也是阳光私募基金经理，首先通过访谈了解其投资理念和投资策略，然后签署保密协议，在此基础上看到其持仓数据，并基于此对管理人的投资风格做评价。如果其投资理念和实际操作并不一致，那么即使业绩很好也不会选为管理人。

It is understood,Peace Russell research fund manager's key is sunshine private equity fund managers,First of all through the interview to understand its investment concept and investment strategy,Then sign confidentiality agreement,On the basis of the position data to see,Based on which the investment manager do evaluation style.If the investment concept and actual operation is not the same,So even if performance is very good also won't chosen as manager.

　　不过一位业内人士指出，MOM最根本在于为资金找到合适的基金管理人，但由于国内大多数基金管理人业绩持续性很差，投资风格也并不鲜明，能否真正通过过往业绩找到合适的基金管理人仍是未知数。

But a personage inside course of study points out,MOM is the most fundamental for funds find an appropriate fund manager,But because the domestic most fund managers performance persistence is very poor,Investment style also is not distinct,Can truly through the past performance find an appropriate fund manager is still unknown.