如果要用一个词概括中国资产管理行业的特点，那么“集体兼职”可谓其一。不论是券商、保险、信托，还是第三方理财公司等都在努力打造一个资产管理者的专业形象。但是就本质而言，和之前一直做大传统业务的时期相比，这些机构新近强调的资产管理服务其实并没出现太大的进步。可以说，大家是在靠各自固有的资源、渠道、人脉等“特长”来兼职从事资产管理，一旦“特长”没了，“资产管理”也难以存在。

If you want to use a word Chinese asset management industry characteristics,so"Collective part-time"Is one.Both brokers/insurance/trust,Or a third party, such as financial companies are trying to build a professional image asset managers.But in essence,And have been doing big business before the period of traditional compared,These organizations emphasized recently of asset management services in fact did not appear too great progress.Can say,Everybody is on their natural resources/channel/Contacts, etc"specialty"To part-time engaged in asset management,once"specialty"Didn't,"Asset management"Also difficult to exist.

　　回想我自己的经历，虽然2009年归国之前，我曾在海外对冲基金行业拼搏了4年多，但当我涉足中国资产管理行业时，我首先明确的就是几个“不做”：不做海外投资、不做中国PE、不做中国股票和当时即将出炉的股指期货。

When I look back on my own experience,Although 2009 years before returned,I worked in overseas hedge fund industry I have been struggling for more than four years,But when I set foot in China when asset management industry,First I clear is few"Don't do":Don't do overseas investment/Don't do Chinese PE/Don't do at that time China's stock and forthcoming stock index futures.

　　不做熟悉的海外投资，是因为当时我自认不配拿中国人的钱和我以前的老板在世界资本的竞技场上抗衡。不做中国的传统投资品种——股票和PE——是因为这不是我的优势所在，更重要的是，我认为这些老路将在中国与世界资本接轨的过程中被淘汰，我不愿意花费宝贵的人生去学习走向末路的技术。在我看来，一本正经地讨论K线和神秘指标就像哈利波特一般“可爱”。最终，我选择了中国信用债券。

Do not familiar with overseas investment,Because at that time I feel unworthy take Chinese money and my old boss in the world capital of the arena counter.Don't do Chinese traditional investment varieties - stocks and PE - because it's not my advantage,More important is,I think these will be made in China and the world in the process of capital market was eliminated,I don't want to spend precious life to learn to earthly technology.In my opinion,The in sad earnest discussion K line and mysterious index like harry potter general"lovely".finally,I chose Chinese debenture bond.

　　正是在中国的这三四年，我遇到了很多拥有本土资源的“优势人群”。他们只要在资产管理产业链中的一个环节上有暂时优势，就会认定自己可以做资产管理者。这种想法非常简单和冒险，也正是这种现象使我发觉中国市场对资产管理的理解十分粗糙。

It is in China's it three or four years,I met a lot of have the local resources"Advantage the crowd".They just in the asset management of the industrial a link with a temporary advantage,Will that you can do asset managers.The idea is very simple and adventure,It is this kind of phenomenon that I find Chinese market for asset management understanding is very rough.

　　由于企业融资在中国一直是历史性的难题，所以只要有融资能力的人都容易感觉自己什么都能做，从而开始涉足资产管理业。而有点市场交易或投资经验的操盘人，就努力用业绩和关系借前者的鸡来下自己的蛋。这样，一个资产管理公司就诞生了。

Due to the enterprise financing in China has been historic problem,So as long as there is financing ability are easy to feel what all can do,Thus began to set foot in asset management.And a little market trading or investment experience of diligence,Just try to borrow the former performance and relationship of chicken to her eggs.this,An asset management company was born.

　　但是，这种组合只有临时存在的价值，缺乏长期发展的合理性。因为它缺少一个合理的管理机构，一个在独立投资理念的支配下，有效衔接、筛选、评估、施行、控制、平衡和影响上下两端的管理机构。

but,This combination is only temporary the value of existence,The rationality of the lack of long-term development.Because it lacks a reasonable management mechanism,A in the independent investment philosophy under the control of,Effective cohesion/screening/evaluation/and/control/Balance and influence fluctuation both ends of the management institution.

　　两年前，我参加过一个私募基金俱乐部，与其说其中的绝大多数人是资产管理者，不如说他们是传统意义上的操盘手，尤以做信托配资的人为主。这样的投资公司通常由一名老板、一名司机加一名秘书组成，客户不多，一般都是有钱的大客户，这类客户对收益率的要求很高。这种资管模式就好比为少数富豪定制宾利汽车，虽然高端，但操盘手们的生存往往不会比客户群体广泛的公司容易，而且，他们还有个共同缺陷——无法复制自己的成功。真正的资产管理企业不是一个人的天下，而是一个支持一代代投资才俊成长的平台。

Two years ago,I attended a private equity fund club,Rather than one of the most people is asset managers,As they are the traditional sense of terror hand,Especially in do trust information with the people as the core.Such investment companies usually by a boss/A driver and a secretary composition,Few customers,Are generally rich big customer,This kind of customers for very tall to the requirement of rate of return.This endowment pipe model is like for a few rich custom bentley car,Although the high-end,But the survival of the terror hand often won't than customers a wide range of company easily,and,They have a common defect - unable to replicate his success.The real asset management enterprise is not a person of the world,But a support generation are investment growth platform.

　　在如今的中国资产管理行业中，依赖各种独特资源的优势人群比比皆是，但真正单纯地以管理和投资水平而生的公司却少之又少。要理解这一点，我们不妨把资产管理公司比作一家希尔顿酒店。

In today's China asset management in the industry,Rely on the advantage of all kinds of unique resources people everywhere,But the real simply to management and the level of investment, born of the company are rare.To understand this point,We might as well put the asset management company to a Hilton Hotel.

　　在世界各地，人们都能看到希尔顿酒店的身影，但其土地、酒店建筑和当地客户等资源都不是希尔顿自己的。作为一个管理者，希尔顿把这些上下游资源组织、整合在一起，为顾客提供酒店服务，这时，谁会在乎提供土地、楼房和客户资源的人都是谁，都有什么背景呢。这就是管理的价值，但它在中国至今还被低估。

In the world,People can see the figure of the Hilton Hotel,But the land/Hotel construction and local customer resources are not Hilton own.As a manager,Hilton put these downstream resources organization/together,To provide customers with the hotel service,At this time,Who CARES provide land/Buildings and customer resources who are these men,What are the background.This is the value of the management,But it is still undervalued in China.

　　因此，现在中国资产管理行业中有资源的“优势人群”非但没有危机感，反而总会有意无意地贬低管理的价值，片面强调自己握有各种当地资源。

therefore,Now China's assets management industry in resources"Advantage the crowd"Not only have no crisis awareness,But always intentionally or unintentionally belittle the value of management,The one-sided emphasis on their holding all kinds of local resources.

　　我们看到，中国几乎所有的银行、保险和证券公司都在以理财产品、私人银行等业务把自己从本来的岗位上强推到资产管理者的行列里。对此，我们要澄清一点：能融钱不是财富管理，更加不是资产管理。在资产管理行业中，融资方应该是销售公司，它的价值在于把客户和资产管理者有效搭配在一起，其中信息的独立传播和沟通是主要价值。但今天，这些一贯依靠息差、通道费等制度保护为盈利模式的中国最大的资产管理者群体，哪里有独立机构的DNA？

We see,China almost all of the bank/Insurance and securities companies in financial products/Private banking business from his original post strong push to asset managers in the ranks.this,We need to clarify one point:Can melt money is not wealth management,Even more is not asset management.In the asset management in the industry,RongZiFang should be sales company,Its value lies in the customer and asset managers effective collocation are together,The information dissemination and communication is independent main value.But today,These always rely on spreads/Channel fee system protection for profit model of China's largest asset management group,Where there is independent DNA?

　　因为，靠卖东西为生的贸易型企业很难建立起资产管理公司所应具备的责任和风险承担者的企业文化，尤以券商的集合理财最难改变。而银行由于其行业管理的严格性和责任的明确性，转变相对容易，但由于银行一直是最受保护的行业，所以其对银行间市场以外的世界缺乏足够了解，使银行的资管业务很难走出传统银行业领域。

because,By selling things make it difficult to establish a trade enterprise asset management companies should have responsibility and risk undertaker enterprise culture,Especially in the set of securities financing the hardest change.And the bank because of its industry management strict sex and the clarity of the responsibility,Relatively easy to change,But due to the bank has been the most protected industries,So the interbank market the world beyond the lack of enough to know,Make bank endowment tube business is difficult to out of the traditional banking sector.

　　那些暂时掌握某种资源并以此为生的优势人群应该从其他行业中反省出本土资源的局限性，比如从最能体现管理能力的行业快餐业中学习。当麦当劳和肯德基的广告在世界各个角落肆虐时，大家是否想到这是以平均10元人民币/小时的低廉价格由普通劳动者创造出的世界上最有价值的公司，它的员工甚至很多是学生和下岗工人，而那些手握各种优势资源的国内同行几乎没有一个是可以称得上的富有竞争力的企业。

Those who temporarily have a resources and the advantage of their livelihood from it people from other industry should reflect the local resource limitations,For example, from the most to be able to reflect the management ability of the industry in the study.When McDonald's and KFC advertising in every corner of the world continues to rage,Whether we think of it is an average of 10 yuan/hour low prices by ordinary workers to create the world's most valuable companies,Its staff and even many students and laid-off workers,And those holding all sorts of advantage resources domestic counterparts almost no one is can be called the competitive enterprise.

　　一旦失去了制度保护，管理和组织能力将远远胜于本土资源，而且管理组织能力在世界很多国家都一样适用。现在，由于制度和机制设计的保护，我们暂时没有看到外来资本对我们的冲击。但是，国门必将会被打开，如果那时我们国内的资产管理者们还在耍着“我认识谁”、“我能拿到券”、“我能融资”等原始的金融“大刀”的话，那么当国外的洋枪大炮瞄准我们的时候，吾辈奈何?

Once lost system protection,Management and organization skills will be far more than local resources,And management ability of organization in the world many countries are same.now,Due to the system and mechanism design protection,We are temporarily didn't see foreign capital on our impact.but,Goalkeeper will be opened,If at that time our domestic asset managers in the play"I know who"/"I'll get my ticket"/"I can financing"And the original financial"broadsword"words,So when foreign YangQiang cannon aimed at us,We alternative?

　　(作者为北京凯世富乐投资有限公司总经理兼投资总监，新浪微博@债券乔嘉)

(The author for Beijing KaiShiFu music investment co., LTD., general manager and director of investment,Sina micro bo @ QiaoJia bonds)