贾华斐

JiaHuaFei

　　改革开放三十多年来，随着国民经济的持续增长，居民的财富也快速积累，当前，如何管理财富，使之更快增值、更好地保值，已经成为老百姓日常生活中谈论得最多的话题之一。

Reform and opening up 30 years,With the continuous growth of the national economy,Residents wealth also rapid accumulation,The current,How to manage wealth,Make faster appreciation/Better value,Has become the common people in daily life to talk about one of the most popular topics.

　　与各方财富管理理念日趋成熟相对应的是，国内资产管理行业的飞速扩张，所表现出来的不仅是产品的多样化，更有服务的深化。资管行业竞争日趋激烈，在这种背景下，如何更好地满足投资者的需求，在业务扩张的同时做强主业，打造财富“百年老店”，《第一财经日报》日前与一些业界权威人士进行了深入的探讨，他们的建言或能引发读者的共鸣。

The parties and wealth management ideas mature of the corresponding is,Domestic asset management industry's rapid expansion,Represented not only product diversification,The deepening of more services.Endowment tube industry is becoming more competitive,In this context,How to better meet the needs of investors,In the business expansion and practial and develop,Create wealth"One hundred years old shops",[The first financial daily]Recently and some industry insiders thoroughly discussed,"Or they can cause the reader's resonance.

　　刘晓艳：公募走向完全竞争

LiuXiaoYan:Public offering to perfect competition

　　随着各类规则的逐步放开，资产管理行业正在发生巨大的变化，方向之一是从相对垄断的行业向完全竞争的行业转变、从单一的公募资产管理向全面的财富管理的转变，这是我们未来应该真正关注的事情。

With all kinds of rules of the gradually let go,Asset management industry is undergoing a lot of changes,One of the direction from the relative monopoly industry to perfect competition of industry transformation/From the single public offering asset management to overall wealth management transformation,This is our future should really pay attention to things.

　　这种变化对基金公司而言是挑战，也是巨大的机会。首先是所涉业务的广度会大大增加。我们很难预计最终基金行业会呈现什么样的形态，各自会有什么特色，但是一部分基金公司将在市场竞争中胜出。

The change of fund companies is a challenge,Is also great opportunities.The first is involved in the business of span will increase greatly.It is difficult for us to estimates that the final fund industry can present what kind of form,What will their respective characteristic,But part of the fund company will win in the market competition.

　　证监会最近放开了专户业务子公司的投资领域，这对行业是一个很重要的促进。但从基金公司自己的角度，我们要自问：是否每一个机会都是基金公司能够抓住的呢？很多放开的领域，如类信托业务、一级市场股权投资、房地产艺术品投资等业务，对基金公司而言都是新领域，基金行业并不擅长，反而是专注于这些领域中的机构，如信托、PE等或许已经做了十几年甚至二十年，与它们竞争，基金业面临很大的挑战。我认为，基金行业最大的优势还是在于：投资非常公开透明，具有很好的客户基础，运作也比较规范。目前看基金公司的主体业务还是要立足于公募基金。

Securities regulatory commission recently released only door business subsidiary of investments,The industry is a very important promoting.But from the fund company own point of view,We must ask ourselves:Whether every opportunity is fund companies to seize it?A lot of open fields,Such as the kind of trust business/The primary market equity investment/Real estate art investment, etc,To fund company is a new field,Fund industry is not good at,It is focused on in the field of these institutions,Such as trust/PE, etc may have done more than ten years or twenty years,And their competition,Funds face great challenges.I think,One of the industry's biggest advantage is still:Investment is very transparent,Has the very good customer base,Operation also compares a standard.Now see fund company's main business will base on the public offering fund.

　　资产管理业务的核心一定是给投资者提供好的产品，有好的产品自然就可以吸引客户。对资产管理机构而言，客户储备并不是最重要的，是不是能提供更好的产品才是竞争的关键。比如，过去几年内，信托行业出现了爆发式的大发展，它在最初也并没有客户储备，也没有去大肆进行产品推广。但它提供了客户需要的产品，这是最大的竞争力。

The core of the asset management business must be to investors to provide good products,Have a good product natural can attract customers.To the asset management in institutions,The customer reserves is not the most important,If I can provide better products is the key to competition.For example,The past few years,Trust industry in the great development of the projectile,It initially and no customer reserves,Also did not go to wreaks product promotion.But it provides customers need products,This is the biggest competitiveness.

　　未来各类机构提供的产品数量会不断增加。要保证产品的竞争力，未来有两方面是需要注重的。一是要有创新的能力，在新产品设计上不断进行广度、深度的开发。另一方面，在管制放开后，做好风控就显得尤为重要。

The future of all kinds of mechanism products quantity will increase.To ensure the product's competitiveness,There are two aspects in the future is the need to pay attention to.One is to have the innovation ability,In the new product design ongoing span/Depth development.On the other hand,In control after let go,Do wind control is particularly important.

　　郭树强：做老百姓清晰易懂的产品 GuoShuJiang:Do people transparent products

　　目前行业一个大的趋势是各类机构的金融牌照发得很全，比如说基金公司可以做类似信托和银行的业务，券商也可以开展相似的业务。金融牌照不再集中和垄断，给大家充分竞争的平台的同时，也意味着竞争更加充分和激烈了。各类金融机构的竞争需要利用自己的定位去发挥长项，开展合理的竞争。

At present the industry a big trend is all kinds of mechanism of financial license hair very full,For example fund company can do similar trust and bank business,Brokers can also carry out similar business.Financial license no longer focus and monopoly,Give you sufficient competition platform at the same time,Also means that competition more fully and intense.All kinds of financial institutions competition need to use their position to play combination,To carry out reasonable competition.

　　不同的机构有不同的优势，券商的优势在于业务面比较全一些，有投行业务，有经纪业务，本身也有销售。基金公司业务范围较窄，但投资能力是最顶尖最专业的。保险公司人员和体量都较大。银行则是最大的金融机构，综合实力最强。

Different institutions have different advantages,Securities trader's advantage lies in the business face is all some,Have investment banking,A brokerage business,Itself also have sales.Fund company business scope is narrow,But investment ability is the most top the most professional.The insurance company personnel and mass are bigger.Bank is the largest financial institutions,Strong comprehensive strength.

　　目前行业里有很多技术型、工具型的创新，相较于其他基金公司，我们的创新产品显得比较“亲民”，比较简单，这也是我们的风格。我们希望产品设计贴近市场，去满足最真实的理财需求。比如安康养老基金，满足的就是老百姓的养老需求。

At present there are a lot of industry technology/Instrumental innovation,Compared with other fund company,Our innovative products appear more"Close to people",Relatively simple,This is also our style.We hope that the product design to closer to the market,To meet the real financial needs.Such as health pension funds,Meet is common people's endowment demand.

　　为什么天弘没有推出那么复杂、那么技术型的产品？其实道理很简单，在我刚入行的时候，我印象最鲜明的就是，基金公司作为理财专家来宣传的，这也是行业诞生的目的。一直到今天，我认为基金公司需要主动地去提供一个一揽子解决方案，主动管理型的，可以控制风险，并且保证一定收益。

Why celestica not offering so complicated/So the technology products?In fact, the truth is very simple,At the beginning of my into when done,My impression is the most distinct,Fund company as the financial experts to propaganda,This is also the purpose of industry was born.Until today,I think that fund companies need to voluntarily provide a package solution,Active management of,Can control risk,And guarantee income.

　　一些很复杂的产品，即使是我理解起来也觉得很困难，作为非专业人士的老百姓恐怕也不容易理解。不同的基金公司有不同的定位，工具型的产品是市场需要的，但天弘的定位是为普通老百姓服务的。

Some very complex products,Even if I understand rise to also feel very difficult,As a nonprofessional people may not be easy to understand.Different fund companies have different positioning,Instrumental product is the needs of the market,But celestica position is for ordinary service.

　　杨玲：资管“代工”空间巨大 Yang ling:Endowment tube"OEM"Space great

　　在经历过几年快速发展之后，阳光私募已成为财富管理行业重要的组成部分。但近一两年内，阳光私募的发展也遭遇了一定的瓶颈。一段时间以来，我每每打开私募新闻，某私募清盘一般都是头条，或是其他内讧等负面报道。一天开户碰到原来同事，也有很多都转战了PE。而我们这些专注于阳光私募的人，座次一降再降，被关注度一落再落。

After a few years after rapid development,Sunshine private wealth management industry has become an important part.But nearly a year or two,Sunshine private development also encountered some bottleneck.A period of time,I often open private news,A private liquidation are generally headlines,Or other factions etc negative reports.One day meet the original account colleagues,Also has many fought the PE.And we these focus on sunshine private person,Seating a falling,Attention was a fall down again.

　　某颁奖会午宴上，餐桌上的我们也开始争论，“行业高速发展期是否已经结束了？”

A luncheon awards banquet,Table we also began to argue,"Industry high-speed development period is over?"

　　我属于在座的乐观者。不是因为我们的规模略大，站着说话不腰疼；也不是我们去年没有亏钱，压力小些。而是从长远看，作为资本市场的一个小分支，这个行业将坐上金融领域体制改革的“高速列车”，未来将以难以置信的跳跃式发展呈现，就像当年的外贸和地产。

I belong to our optimist.Not because we scale slightly big,All talk;Also not last year we didn't lost money,Pressure small.But in the long run,As a capital market a small branch,The industry will sit on the system reform of the financial sector"High-speed train",The future will be incredible jump development present,Just as did the foreign trade and real estate.

　　有人问：“那我们有什么优势，怎么跟这么多强劲的对手拼搏。”我说：“我们体量这么小，干吗非要跟人家竞争？合作不就行了吗？”

Someone asked:"That we have what advantage,With so much how strong rivals struggle."I said:"We mass so small,Why have to compete with somebody else?Cooperation don't do the trick?"

　　在未来的混业经营模式下，群雄竞争，我们阳光私募做“代工”的价值将逐渐体现。其实这个趋势在国内已经出现，比如保险的投连险，本来就是找基金公司做“代工”的。而现在信托的TOT也是这个模式。这种模式在未来很有市场价值。试想，如果未来基金公司有上百家，券商资管有几十家，银行资管有几十来家（包括区域型银行），信托保险的资管有几十家，加之未来的实业集团下的资管公司，这么巨大的需求一下子涌出来，最可能的结果是，大机构最终会选择“代工”公司，因为人家的产品线长了，不可能专为每一个产品都设一个团队，尤其是昂贵的股票市场投研团队。君不见，盛名如苹果，也找富士康做代工吗？

In the future the mixed management mode,A competition,The sunshine private do"OEM"Value will gradually reflect.Actually this trend has appeared in China,Such as insurance for even the risks,It is looking for fund companies do"OEM"of.And now trust TOT is also this mode.This kind of mode in the future are valuable in the market.Just think,If the future fund companies have hundreds of,Brokers endowment tube have dozens of,Bank endowment tube have decades to come home to(Including OuYuXing bank),Trust insurance endowment tube have dozens of,Together with the future industrial group of endowment tube company,So huge demand suddenly came out of it,The most likely outcome is,Big institutions will eventually choose"OEM"The company,Because the somebody else's product lines long,Could not designed for every product set a team,Especially expensive for stock market research team.Have you noticed,Reputation such as apples,Also look for foxconn do OEM?

　　未来的阳光私募经营模式肯定会分化，有的做B2B,有的做B2C，有的干脆封闭起来做家族基金等等，但投资风格不一定要变，投资策略不一定要变，我们只要做好细分领域里的NO.1，在资本市场马上要高速发展的今天，难道还怕没有发展空间？

The future of sunshine private business model will certainly differentiation,Some do B2B,Some do B2C,Some simply closed up and do family fund and so on,But the investment style doesn't want to change,Investment strategy may not want to change,As long as we make segmentation in the field of NO. 1,In the capital market is about to the rapid development of today,Don't fear no space for development?