金融脱媒VS混业经营

Financial media off VS mixed operation

　　财富管理迎来“成人礼”

Wealth management in"Adult ceremony"

　　金融脱媒和混业经营，开始加速改变财富管理业的竞争格局。可以预见的是，金融牌照垄断价值会降低，而人力资本价值将得到提高。业内大佬认为，这场变革，意味着财富管理行业将经历一场深刻的“成人礼”。

Financial media off and mixed operation,To accelerate the change of wealth management in the pattern of competition.It is expected,Financial license monopoly value will be reduced,And the value of human capital will improve.The two things that,This change,Means that the wealth management industry will experience a profound"Adult ceremony".

　　⊙记者 吴晓婧 ○编辑 张亦文

⊙ reporter WuXiaoJing s editor zhang aijing

　　2012年，各项政策“松绑”，中国财富管理行业开始经历一场全新的变革。

In 2012,,Each policy"The individual",China's wealth management industry began to experience a new change.

　　未来，将是一个全面“混战”的时代，商业银行、信托、证券、基金、保险悉数参与其中。在业内大佬的眼中，财富管理将成为未来十年中国金融业发展的主旋律，并将深刻改变中国金融资产的构成和金融体系的运行方式。

In the future,It will be a comprehensive"scuffles"The age of,The commercial Banks/The trust/securities/The fund/Insurance are all involved.In the two eyes,Wealth management will become the main melody of the next 10 years China's financial industry development,And the profound changes in the composition of China's financial assets and financial operation of the system.

　　逐鹿财富管理大蛋糕

Competing in wealth management big cake

　　随着中国经济繁荣和资本市场兴起，中国高净值人群迅速扩大。财富管理市场加速发展，“蛋糕”越来越大。

With China's economic boom and the capital market,China's high net worth population expanded rapidly.Wealth management market to accelerate development,"The cake"More and more.

　　不仅个人储蓄需要保值增值，社保资金、养老基金、住房公积金也面临投资运营的问题，财富管理成为全社会的迫切需求。

Not only personal savings need to maintain and increase their value,Social security funds/Pension funds/Housing accumulation fund also faces the problem of investment operations,Wealth management has become the urgent needs of the whole society.

　　一家大型保险公司资管总经理认为，做大财富管理市场，主要是从银行新增分流，当然也会有一部分银行存量分流。

General manager of a large insurance company information,Do big wealth management market,Mainly from new Banks shunt,Of course there will also be part of the bank stock split.

　　波士顿咨询与建行私人银行近日发布的《2012年中国财富报告》显示，2012年中国私人可投资资产总额将超过73万亿元人民币，截至2012年年底，可投资资产在60万元以上的高净值家庭数量将达到174万户。

Released by the Boston consulting and construction bank private Banks recently[In 2012 China's wealth]display,In 2012, the Chinese private invested total assets of more than 73 trillion yuan RMB,By the end of 2012,Can investment assets in 600000 yuan of above number of high net worth families will reach 1.74 million.

　　万向信托董事长肖风在一次论坛上表示，随着利率市场化的推进，未来10年资产管理行业会有很大的发展空间。最乐观估计，未来10年有100万亿的资金要从银行“搬家”到理财市场；即使按照最悲观的估计，理财市场也有30万亿的新增规模；如果取一个中间值，这个规模大约在50万亿到70万亿之间，将由银行、保险、信托、证券和基金来瓜分。

Universal trust XiaoFeng chairman said on a BBS,Along with the advancement of interest rate liberalization,The next 10 years of asset management industry will have a very big development space.The most optimistic estimates,The next 10 years with 100 trillion of funds from the bank"move"To the financial market;Even under the most pessimistic estimate,Financial market also has 30 trillion of the new scale;If take a middle value,This scale around between 50 trillion and 70 trillion,By the bank/insurance/The trust/Securities and fund to carve up.

　　机构“交锋”格局重构

institutions"meeting"Pattern reconstruction

　　更大的“蛋糕”，也意味着更激烈的竞争。

The more big"The cake",Also means that the more intense competition.

　　公募基金、私人银行、信托、私募、证券、保险等行业资产管理规模加速膨胀，与此同时，上千家的第三方理财机构、财务顾问公司也因这个行业的高盈利性和发展潜力加入到竞争中来。

Public offering fund/Private Banks/The trust/Private equity/securities/Insurance industry such as asset management scale of acceleration,At the same time,Thousands of third party financial institutions/Financial consultant company high profitability and development potential of the industry will have to join the competition.

　　业内人士认为，国内财富市场提供了一个极具吸引力的增长机遇，但未来这一市场竞争也更加激烈、复杂，难免出现“混战”。

The personage inside course of study thinks,Domestic wealth market provides an attractive growth opportunities,But the market competition is more intense in the future/complicated,Appears unavoidably"scuffles".

　　南方一家大型基金公司总经理认为，混业经营成为新的趋势，各类不同的参与者进来后，竞争规则或许完全不同，未来需要适应更加复杂的市场竞争环境。

A large south fund company general manager,Mixed operation has become a new trend,All kinds of different participants came in,Competition rules may be totally different,The future need to adapt to the more complex market competition environment.

　　“更多的机构会进入这个行业，市场占有率会经历先下降再回升的过程，随着竞争市场竞争会进一步激烈，利润也会走低。”沪上一家基金公司总经理预期，下一阶段行业面临的压力是巨大的。

"More agencies will enter the industry,Market share will experience decreased first and then picks up the process,Along with market competition will further competition,Profits will be lower."A fund company based on Shanghai general manager,The next stage industry are faced with the pressure is huge.

　　事实上，在牌照优势弱化下，近年来急速扩张的信托已经感觉到了压力，券商在通道业务上直接对信托形成了威胁，而随着基金公司子公司的获批成立，这一业务将面临更加“惨烈”的竞争。

As a matter of fact,Under licence advantages weakening,In recent years, the rapid expansion of trust has already felt the pressure,Brokers in the channel business directly to trust formed a threat,As fund subsidiary of the company approved,The business will face more"bitter"The competition.

　　据悉，由于净资本占用较低，证券公司可以靠打价格战与信托公司竞争。目前，信托公司的银信通道业务收费在千分之八左右，而证券公司可以只收万分之四。业内人士认为，基金公司不受净资本约束，相比证券公司、信托公司，优势更突出。

It is reported,Due to the low net capital takes up,Securities companies can compete on the price war and trust company.At present,,Such trust company of the channel business charge around eight over one thousand,And securities companies can only accept four over ten thousand.The personage inside course of study thinks,Fund company is not bound by the net capital,Compared to a securities company/The trust company,Advantage more outstanding.

　　目前银证合作已经取代银信合作，成为商业银行向表外转移资产的重要途径。值得注意的是，已经有不少商业银行与基金子公司探讨“银基合作”的可能性。所谓银基合作，就是商业银行的理财计划投资于基金公司子公司管理的专项资产管理计划，后者再投资银行的信贷资产、票据资产等。

The silver card cooperation has replaced such cooperation,Become an important way to transfer assets outside the watch of the commercial Banks.It is important to note that,Have a lot of commercial Banks and fund subsidiary"Silver and cooperation"The possibility of.The so-called silver and cooperation,Is the financial management of commercial Banks plan to invest in the management of fund company subsidiary special asset management plan,The latter to the investment bank's credit assets/Bill assets, such as.

　　事实上，银基合作相较于此前的银信合作、银证合作，并没有本质上的区别，无非是银行理财资金要投资信贷资产，找一个新的“通道”而已。

As a matter of fact,Silver, such cooperation compared with the previous cooperation/Silver-colored card to cooperation,And there is no essential difference between the,It is bank financing funds to investment credit assets,Looking for a new"channel"just.

　　倒逼转型差异化生存

DaoBi transformation of differentiation

　　金融脱媒和混业经营，开始加速改变财富管理业的竞争格局。可以预见的是，金融牌照垄断价值会降低，而人力资本价值将得到提高。业内大佬认为，这场变革，意味着财富管理行业将经历一场深刻的“成人礼”。

Financial media off and mixed operation,To accelerate the change of wealth management in the pattern of competition.It is expected,Financial license monopoly value will be reduced,And the value of human capital will improve.The two things that,This change,Means that the wealth management industry will experience a profound"Adult ceremony".

　　万向信托董事长肖风认为，银行、保险、信托、券商、基金，应该各自找到自己的长处，而不是现在的混战。

Universal trust President XiaoFeng think,The bank/insurance/The trust/brokers/The fund,Should find their own strengths,Not now.

　　“经过多年的积累，信托公司在资本市场、货币市场和实业市场的业务都已经具备一定的规模。”在一位信托人士眼中，实业市场无疑是信托公司有别于其他金融机构的最具竞争力的舞台。

"After many years of accumulation,Trust companies in the capital market/Monetary market and industrial market business have already have a certain scale."In a trust people eyes,Industry market is undoubtedly a trust company is different from other financial institutions of the most competitive stage.

　　一家银行高管认为，未来银行的财富管理将进入精准营销阶段，以细分市场和客户为起点，利用差异化的产品、优质化的服务、多元化的渠道以及现代化的手段进行高层次营销，重视客户价值的深度挖掘。

A bank executives said,Future wealth management Banks will enter the precise marketing stage,To subdivide the market and customer as the starting point,Use of differentiation of products/Combination of the service/Diversified channels and modernization of the means of high level marketing,Pay attention to the depth of the customer value.

　　招商基金总经理许小松表示，“百花齐放”的财富管理行业将形成一个大繁荣局面，而各类主体加入，则意味着竞争将趋于白热化。“当行业的利润越来越薄后，会倒逼基金公司寻求差异化发展之路，从而形成在各细分领域领先的财富管理企业。”

Investment fund manager XuXiaoSong said,"flowers"The wealth management industry will become a big boom,And all kinds of subject to join,It means that the competition will be intensified."When the profit of the industry more and more thin,Will DaoBi fund company seek different development road,So as to form in the subdivision leading wealth management business."

　　“比如，某些公司在权益类投资领先，某些公司在固定收益类独占鳌头，某些公司在另类投资上具有显著优势，还有一些公司专注于低成本的指数类、工具类产品的开发。”许小松认为，“这一差异化竞争的过程，在中国会浓缩。”

"Such as,Some companies in the rights and interests of investment,Some companies in fixed income class,Some company has significant advantages in alternative investment,There are some companies focus on low cost index/The development of tools."XuXiaoSong think,"The differentiation process of competition,In China will be concentrated."

　　值得注意的是，随着机构投资者多元化，财富管理业亦面临资金期限结构多元化。肖风认为，银行理财产品吸纳和提供都是短期资金，不能发行货币市场之外的东西；信托、公募基金、券商，提供的是中短期的资金；保险和养老金为市场提供了长期资金。

It is important to note that,As the institutional investors,Wealth management is also facing financial term structure diversification.XiaoFeng think,Bank financial products and provide are short term capital,Things can't issue the money market;The trust/Public offering fund/brokers,Provided for the short-term funds;Insurance and pension provides long-term capital market.

　　不同机构在市场中提供的资金结构完全不同的，上海重阳投资总裁莫泰山认为，机构投资者的多元化，也有利于解决市场参与主体同质化的现象，有利于避免因需求一致导致的暴涨暴跌。莫泰山进一步强调，资本市场参与主体的多元化，这不是一个简单的数量的扩张，应该包括投资期限多元化，而投资期限的不同意味着投资策略、交易手段的不同，其中包括成长和价值，趋势投资和逆向投资等。

Different organizations in the market to provide the capital structure of the completely different,The double ninth festival in Shanghai investment President MoTaiShan think,The diversification of China's institutional investors,But also to solve the market participation body homogeneity phenomenon,To avoid the same in demand caused boom slump.MoTaiShan further emphasized,The diversification of China's capital market to participate in the main body,This is not a simple number of expansion,Should include the investment period,And the different investment period means investment strategy/Trading means different,Including growth and value,Trend of investment and reverse investment, etc.