曾任中国民生银行(600016,股吧)总行金融市场部总经理，现任摩山投资董事长的严骏伟是较早深入资产管理行业的专家，早在2002年他就率先成立了银行理财工作室。他对当下中国正在逐渐兴起的资产管理行业有自己独到的观察。近日，《新财经》记者专访了严骏伟。

Once was appointed China minsheng bank(600016,guba)Head office financial marketing general manager,The chairman of the board of directors of the mountain investment YanJunWei earlier is further asset management industry experts,As early as in 2002 he founded the first bank financing studio.He then China is gradually to the asset management industry has its own unique observation.recently,[The new financial]Reporter interviews the YanJunWei.

　　《新财经》：以您在财富管理行业多年的经验，您认为中国目前是否到了财富管理业成熟的最佳时间点？

[The new financial]:With you in the wealth management industry many years of experience,Do you think China is the best wealth management mature time point?

　　严骏伟：我认为目前还没到这个时候，行业还处在生长期，比较活跃和躁动。目前资产管理市场投资者需求极为旺盛，但投资渠道被堵死，股票市场财富效应很差，房地产投资需求也被抑制，资金没有出路。以银行为主的金融机构开始找出路，通过银信合作，开发理财产品进行资产配置，但目前它们还主要处在卖产品的阶段。

YanJunWei:I think there is no to this time,Industry is still in growth period,Is more active and restless.Current asset management market investors demand is very strong,But investment channels was chocked up,The stock market wealth effect is very poor,Real estate investment demand also suppressed,Money no way out.Mainly to the bank financial institutions began to look for a way out,Through such cooperation,Development finance product asset allocation,But now they are mainly in selling products stage.

　　《新财经》：您认为是什么原因促成了监管层在财富管理政策上的彻底松动？

[The new financial]:Do you think what contributed to the supervisor in wealth management policy loose completely?

　　严骏伟：信托这几年做得很好，实现了一定的财富效应，规模上去了，钱也挣到了，引起了其他金融机构眼红。而保险、券商和基金等由于市场原因和政策限制，近几年很不景气，投资手脚被限制住了，信托的财富效应让券商、保险、基金有了兴奋点。现在大家蜂拥而上资产管理，而证监会和保监会也看到证券市场长期处于熊市，要为它们找出路，一系列激进的资产管理松绑政策开始大规模出台。

YanJunWei:Trust this years do very well,To realize a certain wealth effect,Scale up,Money and made,Caused the other financial institutions green eyes.And insurance/Brokers and funds as the market reason and restrictions,In recent years is very bad,Investment is limited and lived,Trust the wealth effect of let brokers/insurance/Fund has the excitement.Now everybody. Asset management,And the securities and insurance also see stock market is in bear market for a long time,To seek a way out for them,A series of radical asset management easing policy started mass issued.

　　《新财经》：您认为金融机构全面杀入资产管理，将对这个行业产生什么影响？全面的竞争会不会导致价格战？

[The new financial]:Do you think the financial institutions into comprehensive asset management,The industry what influence?The comprehensive competition will not lead to price war?

　　严骏伟：目前还谈不上真正的竞争，大家目前主要是在争夺银行的通道业务，但这个业务做不长，因为没有多少技术含量，主要是监管套利。资金池业务因为期限错配和信息披露不够透明，有较大风险，监管层肯定要规范。今后竞争的焦点应该看真正的资产配置能力和投资银行业务能力，能够在技术上产生优势，为客户提供真正的资产管理服务。

YanJunWei:There is no true competition,Everyone at present mainly in the bank for the channel business,But this business do not long,Because not many technical content,Mainly is the regulatory arbitrage.The pool business because maturity mismatch and information disclosure is not transparent,Have greater risk,The supervisor must be standard.The focus of competition in the future should see the real asset allocation ability and the ability of investment banking business,In the technology to produce advantage,To provide the real asset management services.

　　《新财经》：监管层目前对于资产管理缺少哪些监管手段？

[The new financial]:The supervisor at present for asset management lack of regulatory means what?

　　严骏伟：目前存在的最大问题，就是监管标准和监管机构不统一，即使是监管机构部门与部门之间也不统一，这容易产生市场的监管套利，也容易使机构无所适从。

YanJunWei:The biggest problem at present,Is the regulatory standards and regulators do not unified,Even if regulators department and between departments are not unified,This easy to produce market regulatory arbitrage,Also easy to make the mechanism at loose ends.

　　比如目前银行做资产管理就有很大问题，银行其实是透支了信用。在国外，银行做资产管理是独立的，有完备的风险隔离。在中国，商业银行和资产管理完全混淆在一起，资产管理是高风险行业，其风险完全可能外溢到商业银行存贷款业务上，这将产生很大风险。

Such as current bank asset management have very big problem,The bank is actually overdrawn credit.In a foreign country,Bank asset management is independent,A complete risk isolation.In China,Commercial Banks and asset management is confounded together,Asset management is high-risk industry,The risk may be completely spillover to the commercial bank loan business,This will have a great risk.

　　《新财经》：您认为在各家金融机构中，哪些机构做资产管理更有优势，各有哪些弊端？

[The new financial]:Do you think in various financial institutions,Which institution do asset management has more advantages,What are the disadvantages?

　　严骏伟：目前来看，在资产配置上，券商的资产管理能力要强些，它们在股票、债券、外汇和货币市场上的投资和研发实力更?强。

YanJunWei:So far,In the asset allocation,The securities assets management ability some better,They are in stock/bonds/Foreign exchange and monetary market investment and development strength more?strong.

　　不过券商目前做银证合作业务存在一定风险。一是政策风险。低价圈地银信通道业务不断触犯监管底线，而票据业务、资产池业务可能被叫停。二是信用风险。融资类业务团队在制度和经验上欠缺，股权质押融资跌破警戒线、无法补足保证金事件时有所闻。三是道德风险。从业人员在交易中无视风险和法规飞单和收受佣金。

But brokers currently do silver-colored card to cooperation business risks.One is the policy risk.Low enclosure such channel business constantly beyond the regulation the bottom line,And bill business/Asset pool business may be called.The second is credit risk.Financing class business team in the system and the lack of experience,Equity pledge financing level below/Can't make up security events frequently.The third is moral hazard.Employees in the trading of risk and regulations fly single and receive commissions.

　　保险资产管理公司原来政策管制很厉害，现在放开肯定要有一个适应过程，但它们的投资还是有自身的特点，比如注重配置和长期投资。

Insurance asset management company originally policy control is very bad,Now let go of certain to have a adaptive process,But their investment still has its own characteristics,Such as pay attention to configuration and long-term investment.

　　基金以前旱涝保收，但基金现在设立子公司其实就是信托公司的功能，是一个很大的开放。

Before the fund of drought or waterlogging,But fund now set up subsidiaries in fact is the function of the trust company,Is a big open.

　　今后这些机构竞争的焦点，我认为还是人才，做资产管理，凭的是水平和能力，包括产品创新、客户开发和服务能力等。

The focus of competition in these institutions,I think or talent,Do asset management,By is level and ability,Including product innovation/Customer development and service ability, etc.

　　至于今后的竞争格局，目前真还看不清楚。但有两点是肯定的：一是资产管理行业的监管政策一定要统一，“一行三会”必须认真做好政策协调；二是随着利率市场化，存贷比监管政策的松动，特别是资产证券化的发展，大量的通道业务会萎缩。

As for the future competition,At present is still can't see clearly.But two things are certain:One is the asset management industry regulatory policy must be unified,"A line of three will"Must earnestly policy coordination;The second is along with the interest rate marketization,Deposit-loan ratio regulatory policy loose,Especially the development of asset securitization,A large number of channel business will atrophy.