“暂时还不会，但这个趋势很可怕，向来在市场上以胆大勇猛著称的券商布局已经开始了。”近日，当谈到正在金融业上演的资产管理大战时，一位股份制银行资金部人士对记者说。

"Temporarily can't,But the trend is very terrible,Always in the market for securities with bold prowess of layout has begun."recently,When it comes to the financial industry is on the asset management of the war,A joint-stock bank ZiJinBu people told reporters.

　　这波因证监会和保监会对券商、基金和保险业务全面放开而引发的资产管理大战是一场没有硝烟的战争，参与各方正在运筹帷幄、调兵布阵。

This wave because of the securities and insurance brokers/Funds and insurance business comprehensive open and cause asset management war is a war of no gunpowder smoke,Participants are have a card up one's sleeve/Adjustable strikers.

　　战国时代的“战国七雄”有“合纵连横”之说，在银行和券商、基金、信托、保险及第三方理财和各种民间私募的这场争夺中，目前看来，形成了以券商、基金和保险同时发力资产管理业务的竞争格局。

Warring states period of"Warring states seven male"have"GeZongLianHeng"say,In Banks and brokers/fund/trust/Insurance and third party financing and various folk private the race,Now it looks,Has formed by the dealer/Funds and insurance at the same time hair force asset management business in the pattern of competition.

　　券商：占得先机

brokers:favourites

　　这场向银信合作发起的冲锋，冲在最前面的是券商。

The cooperation to carried by the charge,Impact in the front is brokers.

　　一场战役在开打前，战略布局至关重要，一位银行业人士认为，至少在战略布局上，相对于银行，券商已占得了先机。

A battle before addressing,Strategic layout is very important,A bankers think,At least in the strategic layout,Relative to the bank,Brokers have accounted for got opportunities.

　　他分析认为，一些优质的大型券商，这两年已在新股发行上市IPO（首次公开募股）、三板市场OTC（场外交易市场）服务、中小企业私募债、资产证券化、定向资产管理、短期融资券和中期票据等几乎所有的投资领域深深扎根，券商的布局大体已尘埃落定。而银行的反应稍显迟钝，其份额正在被逐渐蚕食。

He analyzed that,And some of the finest large brokers,The two years has set up a file in the new shares listed IPO(Initial public offerings)/SanBan market OTC(Over-the-counter market)service/Small and medium-sized enterprise SiMuZhai/Asset securitization/Directional asset management/In the middle of the short-term financing bonds and notes and almost all of the investment field deeply rooted,The layout of the securities generally has the dust settles.And the reaction of the bank slightly dull,The share is being gradually encroach on.

　　证监会关于松绑券商的政策今年10月陆续出台，主基调是“放松管制，放宽限制”。

Securities brokers on easing policy comes on stage in succession in October this year,Advocate fundamental key is"deregulation,liberalization".

　　一位信托业内人士分析，对于集合资产管理计划，分为针对普通投资者的“大集合”和针对高端投资者的“小集合”。我国适度扩大了资产管理的投资范围和运用方式，但总体上还被限定在金融市场中的各类标准化和非标准化的金融产品上。

A trust of the personage inside course of study,For the aggregate asset management plan,Divided into for ordinary investors"Big set"And aimed at high-end investors"Small set".Our country moderate enlarged the scope of investment, asset management and operational mode,But on the whole, still be limited in the financial markets of all kinds of standardization and the standardization of financial products.

　　而对于为单一客户所做的定向资产管理业务，则完全放开其投资范围，允许投资者与证券公司自愿协商，由合同自行约定，这与信托公司单一信托的投资范围几乎没有区别。

For a single customer for the directional asset management business,Is completely let go of the scope of the investment,Allow investors and securities companies voluntary consultation,The contract voluntarily agreed,This and the trust company single trust investment scope almost no difference.

　　至于针对客户特定目的而开展的专项资产管理业务（主要是企业资产证券化业务），则允许设立综合性的集合资产管理计划，这与信托公司的资产支持信托业务已没有本质区别。

As for the specific purpose for customer to carry out special asset management business(Mainly is the enterprise asset securitization business),They will be allowed to set up a comprehensive aggregate asset management plan,This and the trust company's assets to support the trust business has no essential difference.

　　这项政策的亮点是：资产管理计划由审批制转为备案制，这将缩短产品发行周期；扩大资产管理计划的投资范围，有望改变单一依靠二级市场的被动局面。而定向资产管理可让券商直接参与对保险资金和银行资金的竞争。

The highlight of this policy is:Asset management plan by ShenPiZhi into records,This will shorten the product release cycle;Expand the scope of investment, asset management plan,The secondary market is expected to change single depend on the passive situation.And directional asset management can let directly involved in securities of insurance funds and bank capital competition.

　　11月17日，证监会还出台了《证券公司代销金融产品管理规定》。政策规定，券商代销的产品将扩展至几乎所有合规的金融产品。这将是券商的一个重要利润增长点。

On November 17,,It also introduced[Securities companies sell financial products management regulations].policy,Brokers on-sale products will be extended to almost all the compliance of financial products.This will be the securities trader is an important growth point of profit.

　　有业内人士评价，一手放开资产管理，一手放开代销，证监会的意图很明确：放手券商发展，鼓励券商努力成为混业龙头。

The personage inside course of study evaluation,A let go of asset management,Skill let go sell goods on a commission basis,CSRC intention is very clear:Brokers to development,Encourage brokers to become mixed leading.

　　另据消息人士透露，券商营业部的设立也将全面放开，券商可以自主决定设立营业部的类型、区域和数量。

According to another source said,The establishment of securities business department will also be fully open,Brokers can independently decide to establish a sales office type/Area and quantity.

　　对于监管部门前所未有的开放动作，券商已经行动起来。一位券商人士告诉《新财经》记者，现在我们唯一要解决的是人才引进和营业部向综合业务转型。

For regulators unprecedented open action,Brokers have action.A source told brokers[The new financial]reporter,Now the only thing we have to solve is introducing talents and sales department to comprehensive business transformation.

　　一位证券业人士告诉记者，多家券商正酝酿重建私人客户部，经纪业务战线或将步入新一轮扩张期。券商私人客户门槛50万元，而私人银行门槛要1000万元，差距相当明显。

A securities industry sources told reporters,Several brokers are brewing reconstruction of private clients,Brokerage business front or will enter a new round of expansion stage.Brokers private client threshold is 500000 yuan,And private banking threshold to 10 million yuan,Gap is quite obvious.

　　也有证券公司打算并掉客户服务部，然后模仿银行设置财富管理中心、个人金融部、机构金融部。

Also have a securities company and customer service to fall,And then imitate bank set wealth management center/Personal banking/Banking institutions.

　　今年下半年以中金和中信为代表的券商裁员潮中，被瘦身的部门主要是投行和自营等与二级市场紧密相关的部门，而资产管理和财富管理部门不但没有大的减缩，反而还有加强。

The second half of this year to zhongjin and citic securities as a representative of layoffs in the tide,Be thin body department is mainly investment Banks and operating with the secondary market closely related department,And asset management and wealth management department not only big reduction,But also strengthen.

　　截至11月14日，券商资管新发产品数量达110只，超过去年全年的发行总量。从规模来看，券商资管规模已超过9735亿元。

By November 14,,Brokers endowment tube new hair product quantity of 110 only,Last year more than the total amount of the issue.From the scale to see,Brokers endowment pipe scale has more than 973.5 billion yuan.

　　券商还对即将开闸的保险资产管理市场开放做好了布局。按照保监会的规定，今后保险资金将可能委托除保险资产管理公司外的其他机构管理，券商当然是选项之一。但是保监会规定，保险公司选择证券公司或证券资产管理公司开展委托投资，需要以下条件：最近一年客户资产管理业务管理的资产余额不低于100亿元，或者集合资产管理业务的受托资金余额不低于50亿元。

Brokers also to be breaking insurance asset management market opening ready layout.In accordance with the provisions of the circ,Insurance funds in the future will be in addition to entrust insurance asset management companies outside the other organizations management,Brokers, of course, is one of the options.But the China insurance regulatory commission regulations,The insurance company choose the securities company or the securities assets management company to carry out the investment,Need the following condition:A recent years the customer asset management business management of the assets balance not less than 10 billion yuan,Or the aggregate asset management business capital remaining sum not less than 5 billion yuan.

　　为了赢得保险资金的管理资格，券商开始采取各种手段，疯狂扩大其管理资产规模。宏源证券(000562,股吧)最为迅猛，从去年年末的45亿元，猛增十多倍，今年年中的管理规模增至652亿元，仅次于中信证券(600030,股吧)。国泰君安资产管理的资金也从155亿元增至591亿元。

In order to win the insurance funds management qualification,Brokers began to take all kinds of means,Crazy enlarge its management asset scale.Hongyuan securities(000562,guba)Most rapid,From the end of last year's 4.5 billion yuan,Soared more than ten times,In this year the management scale increased to 65.2 billion yuan,After citic securities(600030,guba).Guotai junan asset management funds from 15.5 billion yuan to 59.1 billion yuan.

　　基金：展开布局

fund:Expansion layout

　　相对于券商，基金的动作稍显滞后。

Relative to brokers,The action of fund slightly lag.

　　先看监管层的动作。9月26日，证监会发布新的《基金管理公司特定客户资产管理业务办法》，10月31日，又配套发布《证券投资基金管理公司子公司管理暂行规定》。这两个文件是向基金管理公司全面开放资产管理业务，明确基金管理公司可以针对单一客户和多个客户设立“资产管理计划”，更是允许其设立准入门槛仅为2000万元注册资本的子公司，开展“专项资产管理计划”，投资于金融市场之外的非标准化股权、债权、其他财产权利和证监会认可的其他资产。

Look at the supervisor's action.On September 26,,Securities regulatory commission issued new[A fund management company specific customer asset management business way],October 31,And supporting issued[Securities investment fund management company subsidiary management interim provisions].The two files to the fund management company is the complete opening of the asset management business,Clear the fund management company can according to a single customer and multiple clients to set up"Asset management plan",But also allow the establishment of the admittance threshold is only 20 million yuan of the registered capital of the subsidiary,in"Special asset management plan",Investment in the financial markets are not standardized of equity/Creditor's rights/Other property rights and securities regulatory commission approved the other assets.

　　这与信托公司集合信托计划的投资范围几乎没有区别。公募基金投资范围将从传统的二级市场向一级市场延伸，以往被禁足的行业，如PE、债权、信托等有望成为公募基金涉猎的范围。

This and the trust company set trust plan scope of investment, almost no difference.Public offering fund investment scope will be from the traditional to the secondary market primary market extension,In the past are grounded industry,Such as PE/Creditor's rights/Trust and is expected to become public offering fund dabble in range.

　　接着公募基金旗下的子公司嘉实资本管理有限公司、工银瑞信投资管理有限公司、深圳平安大华汇通财富管理有限公司得到证监会批准。

Then public offering fund subsidiary of fine fruit capital management co., LTD/Work silver red letter investment management co., LTD/Shenzhen pingan dahua huitong wealth management co., LTD. Get approved by the commission.

　　而基金公司私下的动作也暗流涌动，有些基金开始和其他金融机构展开合作，开发产品和客户。自基金专户投资商品期货开闸以来，已有基金公司针对商品期货设计了专户产品，比如财通基金与永安期货合作的一只商品期货产品，募集规模为7969.8万元。

And fund company private action also the undercurrent,Some funds and other financial institutions began to cooperation,Product development and customer.Since the fund investment commodity futures since breaking,In view of the commodity futures for fund company designed only door products,Such as wealth through fund and yongan futures cooperation a commodity futures products,Raising scale for 79.698 million yuan.

　　也有基金公司开始了专户理财的新方案，比如鹏华基金网上直销专户产品的业务模块于11月1日起正式上线，投资者可直接在公司官网“网购”专户产?品。

Also have fund company started only door financing of the new scheme,Such as peng hua fund only door products online direct marketing business module on November 1 formal on-line,Investors can be directly in the company's official website"e-commerce"Only door production?product.

　　基金公司最近还推出了一个对银行存款和券商保证金具有重大杀伤力的货币版ETF，也就是交易性货币基金，这种基金将和股票一样在二级市场买卖。银华、华宝兴业基金已经先后上报交易型货币基金新产品。

Fund company also recently introduced a to bank deposits and securities margin has great lethality monetary edition ETF,Is the trading of monetary fund,This fund will be and the stock in the secondary market trading.Yin/Warburg industrial foundation has successively to transactional monetary fund new products.

　　以前，投资者当日卖出股票，次日才能使用所得资金。现在，投资者卖出股票当日，所得资金即刻就能在二级市场买入该货币基金，当天就可确认份额并享受收益。

before,The investors to sell the stock,The next day to use the money.now,Investors sell shares on that day,The money can immediately in the secondary market to buy the monetary fund,The day can confirm share and enjoy the benefits.

　　相反，投资者如将资金从货币基金转投股票市场，以前，赎回货币基金后一般2个工作日资金到账，才能转账买股票；而在华宝兴业方案中，投资者在二级市场卖出该货币基金后所得资金可立即买入股票。在这样的条件下，客户保证金完全可以在货币基金和取票之间转换。

instead,Investors such as funds from monetary fund will move into the stock market,before,Redemption monetary fund commonly after 2 working days funds to account,To transfer to buy the stock;And in the warburg industrial scheme,Investors in the secondary market to sell the monetary fund after the money can buy a stock immediately.Under such conditions,Customers can deposit in monetary fund and collect the tickets between conversion.

　　不仅如此，一位金融从业人士分析称：“如果收益率高于银行产品的话，这意味着要和银行抢存款?了。”

Not only that,A financial from analysts say:"If the rate of return is higher than bank in the word of the product,This means with the bank deposit?the."

　　保险：激进开放

insurance:Radical open

　　近日有金融猎头告诉《新财经》记者，有大型保险公司招聘债券投资经理，固定年薪50万元。人才大战只是此轮保险资产管理公司巨大变局的冰山一?角。

Recently had the financial headhunting tell[The new financial]reporter,A large insurance company recruitment bond investment manager,Fixed the annual salary of 500000 yuan.Talent war just this round of insurance asset management company great upheavals iceberg a?Angle.

　　今年4月和7月，保监会连续出台多份文件放开保险公司的资产管理业务。这些新政放宽了险资投资债券、股权和不动产的品种、范围和比例限制，同时允许保险公司委托有关金融机构进行投资，比如券商、基金、信托等金融机构。

In April this year and seven months,The China insurance regulatory commission continuous issued many document let go of insurance company's assets management business.The New Deal to relax the risk capital invest in bonds/Equity and real estate varieties/Limit the scope and scale,At the same time allow insurance company entrusts the financial institutions to invest,Such as brokers/fund/Trust, and other financial institutions.

　　保险资产管理公司除受托管理保险资金外，还可受托管理养老金、企业年金、住房公积金等机构的资金和能够识别并承担相应风险的合格投资者资金。保险资产管理公司还可以向有关金融监管部门申请，依法开展公募性质的资产管理业务。

The insurance assets management companies in addition to the management of the insurance funds,Can the pension management/Enterprise annuity/Institutions such as housing accumulation fund of funds and can identify and bear the relevant risks qualified investors funds.Insurance asset management company can apply for to the relevant financial supervision department,To carry out public offering nature of the asset management business.

　　保险资产管理公司作为受托人，可以委托人名义，开展资产管理业务，也可以设立资产管理产品，为受益人利益或者特定目的，开展资产管理业务。保险资产管理公司可以按照有关规定设立子公司，从事专项资产管理业务，进一步改革完善体制和机制。

Insurance asset management company as the trustee,Can the client name,In the asset management business,Can also set up asset management products,Beneficiary's interests or for a particular purpose,In the asset management business.Insurance asset management companies may set up subsidiaries in accordance with the relevant regulations,Engaged in special asset management business,Further reform to perfect the system and mechanism.

　　保监会的连续大动作，掀起了保险资金运作的革命。其力度之大、速度之快、规章之简，令人惊讶。

The China insurance regulatory commission continuous big action,A revolution of insurance funds operation.The strength of/fast/Rules of Jane,surprising.

　　此前过于保守的投资管理政策，加上近几年A股处于熊市，导致保险资金投资收益非常低，保险公司保费收入连年下滑。更由于投资风格过于保守，保险资产管理公司的投资能力也一度受到质疑。

Previously too conservative investment management policy,In recent years, with A share in A bear market,Cause insurance fund investment income is very low,The insurance company premium income decline in successive years.More because investment style is too conservative,Insurance asset management company investment ability has also been questioned.

　　一位保险资产管理公司的老总告诉《新财经》记者，导致保险资产管理公司投资收益低下的原因很复杂，这几年保监会的政策其实是在保护保险资产管理公司，但造成了人才和管理上都不如基金公司。“如果放开太激进，保险资金可能都归基金管理公司?了。”

An insurance asset management company's manager told[The new financial]reporter,Cause insurance asset management company investment income low reason is very complicated,Over the past few years the China insurance regulatory commission policy is actually in protecting insurance asset management company,But caused the talents and management than fund company."If I let go too radical,Insurance funds may be a fund management company?the."

　　保险资产管理公司虽然名义上是独立法人，但它们都是集团内部公司，股权是自己的，绝大部分资金是系统内的。其收益是管理费，在跟集团合并报表时，就成了另一个公司的支出，最后都抵消了。这让保险资产管理公司的管理费显得无足轻重，没有了压力和动力，做的好坏效果都一样。

Insurance asset management company although nominally is an independent legal person,But they are group internal company,Equity is his own,Most of the money is in the system.Its yield is the management fee,In the consolidated financial statements with group,Became another company's spending,The last is the offset.This let insurance asset management company management fee is insignificant,No pressure and power,Do good or bad effects are the same.

　　这样的情况已经在发生变化，中小资产管理公司如华泰保险资产管理资产中有大半是其他保险公司的资产，向其他保险公司收取管理费收入，其投资管理能力已经得到市场认可，其他如泰康、平安和阳光等资产管理公司做得也不错。

This situation has been changed,Small and medium-sized asset management companies such as huatai insurance asset management assets have mostly other insurance company's assets,To other insurance companies charge management fee income,Its investment management ability has been market recognition,Other such as taikang/Peace and sunshine and asset management company is doing well.

　　今后，保险公司投资管理部的主要工作将是选择资产管理人，并做不同的组合，随时将资产在各个不同的组合和投资人之间进行选择。比如，判断未来股票市场和债券市场哪个更好。

In the future,The insurance company investment management department of the main work is to choose asset manager,And do different combinations,From time to time, assets in different combination and investors to choose between.Such as,Judge the future stock market and bond market which is better.

　　鹿死谁手？

Who will gain supremacy.?

　　“资产管理有点像军备竞赛了。”诺亚财富的一位人士说。

"Asset management is a bit like the arms race."Noah wealth one person said.

　　金融业内人士把这一轮金融机构抢拼资产管理市场的现象，称之为由于制度红利减少，金融业真正回归到资产管理的主业。

Financial the personage inside course of study to this round of financial institutions rob spell asset management market phenomenon,Call it due to the system to reduce dividends,The financial industry is real to return to the asset management business.

　　下一波最重要的是人才，这个行业到处在挖人。“未来几年金融人才价格将上扬，因为工具都逐步放开给大家用，谁来干？怎么干？都成问题。”一位金融业人士在微博上说。

The next wave of the most important is talent,The industry in digging people everywhere."In the coming years financial talent prices will rise,Because the tools are gradually open to everyone to use,Who will do?do?Are a problem."A financial people in micro bo said.

　　由于资产管理行业在中国还是朝阳行业，市场需求极为旺盛。“一个做得好的资产管理公司，几个月就能把规模做大几百个亿。”一位私人银行负责人表示。

Due to the asset management industry in China or sunrise industry,The market demand is very strong."A a good asset management companies,A few months can the size do big hundreds of million."A private bank chief said.

　　在这样的市场前景引导下，许多金融业资深人士辞去正式工作，自己开公司，在人才竞争市场上，就形成了官办金融机构与民间金融机构争抢人才的局面，金融业人士聚会说的最多的话题就是，谁又跳槽了，薪水是多少。

In such a market outlook guidance,Many of the financial industry senior official who quit working,To run his own company,In the talent competition in the market,They form the official financial institutions and private financial institutions for talented person's situation,The financial industry people party said the most is the topic,Who is a new job,The salary.

　　“很明显，未来最能胜出的是券商。”一位银行业资产管理人士这样说，因为券商手里有更多的工具，相对于基金、保险和信托，渠道也更加完善，券商的投研能力也相对强一些。

"obviously,The future will win is brokers."A banking asset management people say so,Because brokers hand have more tools,Relative to the fund/Insurance and trust,Channel is more perfect,The brokers for research ability is relatively strong some.

　　在这场资产管理大战中，有人说，基金有点懵，旱涝保收的日子过惯了，一下子找不到北了。不过相对于曾经挪用保证金的券商而言，基金在牛市时期的投资为客户提供了较好的收益，客户基础是不错，再加上一些银行系券商的股东背景雄厚，基金的能力不可小视。

In the asset management in the war,Some say,Fund a little meng,The day of drought or waterlogging committed,Suddenly can not find the north.But relative to ever divert margin for brokers,Fund in the bull market in the period of the investment to provide a good income,Customer base is good,Plus some bank system brokers shareholders strong background,Fund ability can not be ignored.

　　对于信托公司而言，有业内人士认为，这轮监管政策的放开，降低了信托公司多年来独有的制度性竞争优势，赋予了其他资产管理机构更多与信托公司同质化的业务，使信托公司在传统业务领域面临更直接、更激烈的竞争。

To trust companies,The personage inside course of study thinks,This wheel regulatory policy let go,Reduce the trust company for many years the unique institutional competition advantage,Endowed with other asset management institutions more and the trust company homogenization business,Make trust company in traditional business areas are facing more directly/The more intense competition.

　　信托业需要进一步挖掘制度优势，创新信托服务功能，更重要的是需要将“先发优势”转化为“品牌优势”，而其中核心的核心乃是构筑属于自己的差异化投资管理能力。这意味着信托业精耕细作的时代已经来临。

Trust industry need to be further mining system advantage,Innovation trust service function,More important is need"Start of the advantage"into"Brand advantage",The core of the core of which is to construct their own differentiation investment management ability.This means that the trust industry intensive cultivation, the time has come.

　　而对于商业银行而言，尽管未来的资产管理仍是蚕食40万亿元的银行存款，但是银行在这场竞争中，仍占据天时和地利，“商业银行以其客户网络和资金优势必将稳执牛耳，占据食物链上游”。“依靠网点也是一种被验证过的成功DNA，银行可以更专注服务客户，找专业机构做投资等其他事务，银行的综合化金融服务会是它的很大优势。”一位第三方财富管理公司中层这样说。

For commercial Banks,Although the future asset management is still $40 trillion on bank deposits,But the Banks in the competition,Still occupy the weather and favorable location,"Commercial bank with its customer network and capital advantage will the stability,Hold the food chain upstream"."Rely on the network is also a kind of be validated success DNA,Banks can pay more attention to service customers,Look for professional institutions do investment and other issues,Bank's comprehensive financial services will be its great advantage."A third party wealth management company middle say so.

　　不过，大多数金融界人士更认为，这轮大战的最终结局目前谁都不能断言，因为一切才刚刚开始。

but,Most financial circles to think more,This wheel war end at present who can assert,Because everything is just beginning.