2012年，金融业一批政策藩篱被击破，创新革命浪潮瞬间掀起。这将使各自为政的资产管理行业由分割走向共融，金融服务行业由此进入全面、积极的大资产管理时代。

In 2012,,The financial industry a number of policy barriers were breached,Innovation revolution wave a moment.This will enable each does things in his own way of asset management industry by division to communion,The financial services industry way in full/Positive big asset management era.

　　这是从顶层设计出发，系统性、前瞻性的制度改革与创新。无论从速度、力度和广度来看，这都是一场史无前例的革故鼎新，一场激烈而有趣的战役，足以载入中国金融业史册。

This is on top of the design,systemic/Forward-looking system reform and innovation.No matter from speed/Strength and breadth to see,This is an unprecedented reforming the past,A fierce battle and interesting,China's financial industry to load history.

　　激烈在于，原先固若金汤的中国资产管理市场格局因为新政而被搅动，银行（理财）、信托、券商、基金、保险和期货六路人马肉搏在即；有趣在于，花样繁多的合作模式和新型产品行将横空出世，八仙过海各显神通。

Is fierce,Originally the solid Chinese asset management market because the New Deal and agitation,The bank(financial)/trust/brokers/fund/Insurance and futures six Sagittarius melee in sight;Interesting, because,The great variety of cooperation mode and new products will birth without notice,Way of dealing with the situation.

　　从保险投资新政落地有声，到券商资管创新大幕掀开，再到公募业务全面开闸，在监管松绑的推动下，资管业“群雄并起”时代已然开启。这将令金融业资金池更趋多元化，但也无形中将这些金融机构推向了多方竞争的“前台”。

Insurance investment from the New Deal landing sound,To the open information brokers tube innovation,To public offering business comprehensive breaking,In the supervision of easing driven,Management information"Rivals and the"Time has open.This will finance the pool more hasten is diversified,But also intangible will these financial institutions to the various competition"Front desk".

　　市场变局扑面而来，令人振奋的投资角力已暗流涌动。

The market on time,Exciting investment wrestling already the undercurrent.

　　⊙记者 黄蕾 钱晓涵 卢晓平 ○编辑 枫林

⊙ reporter HuangLei QianXiaoHan LuXiaoPing ○ editing bush

　　艰难的抉择 Difficult choices

　　日趋复杂和多元的市场环境，将这些丰衣足食的金融机构逼到了一个十字路口。是固步自封、安于现状，还是改革创新、打开通道

Is getting more and more complicated and diverse market environment,Will these have ample food and clothing of the financial institutions make to a crossroads.Is stuck in/Be content with the status quo,Or reform and innovation/Open channel

　　“肥水不流外人田，守着一亩三分田”，是过去资产管理市场各自为政、固步自封的真实写照。

"Water does not flow WaiRenTian,Keep a mu three points field",Is the past asset management market each does things in his own way/The real story of him to be conceited.

　　“银行的资产管理基本被局限在货币市场范围之内，证券和基金基本就在资本市场"活动"，而保险资产管理公司则是名副其实的保险资金"管家"。”一位资管业资深人士一语道破，各管各的，各做各的，丰衣足食。

"Bank's asset management basic is limited in the money market scope,Securities and funds basic in capital market"activities",And the insurance assets management companies of insurance funds is worthy of the name"steward"."A senior personage information center with their victims,Each tube of the,Each do each,Have ample food and clothing.

　　然而，经济形势和市场环境已非同日而语。严峻的事实摆在眼前：经济发展放缓，资本市场低迷，金融行业高增长恐难持续。

however,Economic situation and market environment has not mentioned in the same breath.Severe realistically:Slowdown in economic development,Capital market downturn,The financial industry growth for fear of difficult.

　　日趋复杂和多元的市场环境，将这些丰衣足食的金融机构逼到了一个十字路口。是固步自封、安于现状？还是改革创新、打开通道？

Is getting more and more complicated and diverse market environment,Will these have ample food and clothing of the financial institutions make to a crossroads.Is stuck in/Be content with the status quo?Or reform and innovation/Open channel?

　　一道选择题，摆在了监管部门的面前。

A choice,In the front of the supervision department.

　　最着急的莫过于保监会。保险行业陷入了内忧外患的处境，投资收益步步下滑，产品吸引力锐减，被“股市牵着鼻子走”的尴尬现状昭然若揭；资产规模增长的速度，也已被信托业大步赶超。

The most worry way the China insurance regulatory commission.In the insurance industry and their situation,Investment income at every step down,Products attractive sharp,was"The stock market led the nose"Awkward situation becomes;Asset scale growth speed,Also has been trust industry step catch up.

　　再来看证券和公募基金行业，产品同质化严重，营销渠道有限，其发展亦不尽如人意；即便是2012年资产规模爆炸式放量的信托业，也不断遭遇券商、基金来势汹汹的业务争抢，原有格局下的“增长盛宴”恐难再续。

Again to see securities and public offering fund industry,Serious product homogeneity,Marketing channel co., LTD.,,Its development is not satisfactory;Even 2012 years asset scale explosive measures of trust industry,Also unceasingly encounter brokers/Fund became strong enough for the business,The original structure"Growth feast"Fear of difficult to renew.

　　“如此形势下，各类金融机构想固守原有优势，是守不住的。”某监管部门官员在一次闭门会议上直抒己见。

"Such situation,All kinds of financial institutions want to stick to the original advantage,Is keep the."A regulatory officials in a closed door meetings on speak one's mind.

　　他说，以前市场竞争环境比较简单，业务模式、投资渠道单一照样维持生存。可如今，这个时代已经过去了，必须争取新的竞争优势。“要将手伸到别的行业去，当然也要允许别人把手伸进来，是相互渗透。”

He said,Before the market competition environment is simple,Business model/The single channel of investment so survive.But now,The time has passed,Must get a new competitive advantage."Will hand to other industries to,Of course will allow others to put his hand in to,Is mutual infiltration."

　　创新改革势在必行。一位接近监管层的知情人士私下告诉记者，2012年，彼时履新不久的证监会主席郭树清与保监会主席项俊波之间，“走动”频繁。“两人经常带着下面部门的负责人一起开会讨论，研究两个行业相互开放的可行性。”

Innovation reform is imperative.A close supervision layer source privately told reporters,In 2012,,Back then he came to the near securities regulatory commission chairman GuoShuQing and the China insurance regulatory commission chairman between XiangJunBo,"about"frequent."Two people often took the head of the department held a meeting to discuss together,The two industries the feasibility of open up to each other."

　　经过无数次的“亲密接触”，终于达成共识：中国已经进入财富管理时代，无论是证券、基金还是保险公司，都应当承担自己的历史使命，参与资产管理服务竞争。而不是守着自己的“一亩三分田”，安于现状、固步自封。

After countless"Intimate contact",Finally reached an agreement:China has entered the era of wealth management,Whether the securities/The fund or the insurance company,All shall be liable for their historical mission,Participate in asset management service competition.Not keep his own"A mu 3 points field",Be content with the status quo/stuck.

　　改变这一局面的根本在于：监管退后、市场向前，放松管制和鼓励创新。改革方向随即浮出水面：即在客户门槛、业务准入、监管标准、分支机构设立、业务创新等方方面面，监管部门都将赋予其他资产管理机构更加宽松的环境，每一类金融机构都可向其他资管行业渗入。

Change this situation is the fundamental:Supervision back/Market forward,Deregulation and encourage innovation.The reform direction and surface:Is the customer threshold/Business access/Regulatory standards/Branch set up/All aspects such as business innovation,Regulators will give other asset management institutions more comfortable environment,Every kind of financial institutions can be to other information into the pipe industry.

　　监管定调后，整个金融界都对政策的松绑，充满着期待，对于政策推进的诉求，从未如此强烈。

Supervision after setting the tone of,The financial policy to relax,Full of looking forward to,For measures to boost demand,Never so strong.

　　政策大松绑 Policy easing big

　　系列新政主基调：放松管制、拓宽范围。保险资金被允许投资包括信托公司集合资金信托计划在内的各类金融机构发行的理财产品

New series advocate fundamental key:deregulation/Broaden the scope.Insurance funds are allowed investment including the trust plans of assembled funds, trust companies, all kinds of financial products issued by financial institutions

　　一场旨在打破政策“天花板”、打通资管各行业“任督二脉”的创新性革命，拉开帷幕。

A policy designed to break"ceiling"/Through information tube industries"Ren and du two pulse"Innovation revolution,curtain.

　　2012年，证监会、保监会等监管部门，针对资产管理市场密集出台了一系列新政。推出时间之快、松绑力度之大，远远超出各方预期。

In 2012,,CSRC/The China insurance regulatory commission and supervision department,According to the property management market intensive issued a series of New Deal.Launch time fast/Relax the strength,Far beyond all expectations.

　　喝到头啖汤的是离资本市场较近的基金公司。2012年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》，取代了实施仅1年零1个月的老办法；10月31日，又配套发布了《证券投资基金管理公司子公司管理暂行规定》。

Enjoy the drink the soup from the capital market is close fund company.2012 September 26,,Securities regulatory commission issued new[A fund management company specific customer asset management business way],Replace the implementation only 1 years 1 months old;October 31,Supporting and released[Securities investment fund management company subsidiary management interim provisions].

　　这两个规定均于2012年11月1日起正式实施，目的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。要知道，这与信托公司集合信托计划的投资范围，几乎已无区别。

The two provisions are in November of 2012 1 officially implemented,It's purpose is to give the full opening of the fund management company 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,To carry out special asset management plan.Want to know,This and the trust company set the trust plans of investment,Almost has no difference.

　　更震撼的政策松绑，旋即发生在保险业。2012年10月12日，保监会发布实施《关于保险资产管理公司有关事项的通知》、《关于保险资金投资有关金融产品的通知》、《基础设施债权投资计划管理暂行规定》和《保险资金境外投资管理暂行办法实施细则》。

The more shock policy easing,Immediately took place in the insurance industry.On October 12, 2012,Issued by the circ[About insurance asset management company related matters notice]/[About the insurance fund investment in the notice of the financial products]/[Infrastructure debt investments plan management interim provisions]and[Overseas investment of insurance funds detailed rules for the implementation of the interim measures for the administration].

　　这一系列新政的主基调便是：放松管制、拓宽范围。保险资金被允许投资包括信托公司集合资金信托计划在内的各类金融机构发行的理财产品；与此同时，还可采取信托的结构模式开展保险资金债权投资计划和不动产投资计划，使保险资金无须再借助信托公司的通道开展上述业务。

This a series of New Deal advocate fundamental key is:deregulation/Broaden the scope.Insurance funds are allowed investment including the trust plans of assembled funds, trust companies, all kinds of financial products issued by financial institutions;meanwhile,Still can take trust structure model of insurance funds to carry out claims investment plan and real estate investment plan,Insurance funds do not need to be with the trust company channel to carry out the business.

　　不仅如此，保险资产管理公司的业务范围也被大幅拓宽，允许其除受托管理保险资金外，还可以受托管理养老金、企业年金、住房公积金等机构资金和合格投资者的资金等等，业务范围之手已伸向公募基金、信托公司领域。

Not only that,Insurance asset management company's business scope has also been greatly broaden,Allow the entrusted management in addition to the insurance funds,Can the pension management/Enterprise annuity/Institutions such as the public accumulation fund for housing construction funds and qualified investors' money and so on,The business scope of the hand has run out public offering fund/Trust company field.

　　仅一周之后，证券行业的创新大幕随即拉开。2012年10月18日，证监会发布实施了新的《证券公司客户资产管理业务管理办法》及配套的《证券公司集合资产管理业务实施细则》和《证券公司定向资产管理业务实施细则》。这一系列围绕证券业的政策主基调，亦是“放松管制，放宽限制”。

Only a week later,The innovation of the securities industry the open immediately.In October 2012 and day,Securities regulatory commission issued by the new[Customer asset management business of securities companies management measures]And related[Securities companies set the detailed rules for the implementation of the asset management business]and[A securities company detailed rules for the implementation of the directional asset management business].This a series of policies on securities advocate fundamental key,Is also"deregulation,liberalization".

　　而就在大家以为创新政策拉上帷幕时，2012年12月30日，证监会发布《资产管理机构开展公募证券投资基金管理业务暂行规定（征求意见稿）》，拟允许在中国境内依法设立的证券公司、保险资产管理公司以及私募证券基金管理机构均可申请开展基金管理业务，证监会依法核准其业务资格。

And while they thought innovation policy when draw the curtain,December 30, 2012,Securities regulatory commission issued[Asset management institutions and public offering of securities investment fund management business interim provisions(draft)],Intends to allow legally established in China securities company/Insurance asset management companies and private equity securities fund management institutions are able to apply for the fund management business development,In accordance with the securities regulatory commission approved the business qualification.

　　2012年的最后一个工作日，上海。国内一家主流投行在闻悉“公募基金业务全面开闸”后，随即召开了一次紧急电话会议。一位参加了电话会议的某保险资产管理公司负责人反馈称，对于进军公募业务的渴望非常迫切。

2012 years of the last working day,Shanghai.A domestic mainstream investment Banks in the smell sita"Public offering fund business comprehensive breaking"after,Then held an emergency conference call.A attended the conference call a insurance asset management company controller feedback says,For the public offering business desire is very urgent.

　　目前保险资管的业务存在单一性和被动性，即主要被动受托管理保险资金，第三方资产管理非常少，根本看不到市场化的影子，因此亟须加快转型，创造新的利润空间。“因为此前监管部门已经有所吹风，所以我们对于开展公募基金业务已经有所准备。一旦正式文件出炉后，我们马上会向证监会申报材料。”

Current insurance endowment pipe business existence oneness and passivity,That is the main passive management insurance funds,The third party asset management is very little,Can't see the shadow of the market,So it is urgent to quicken the transformation,Create new profit space."After regulators have been blowing,So we to launch a public offering fund business have been prepared.Once a formal document after,We'll to CSRC filing materials."

　　此次公募业务的放开，亦意味着资管业务将成为我国管制程度最低的金融业务，几乎所有类型的金融机构都能参与（早前期货也已放开资产管理业务资格）。

The public offering business let go,Also means that endowment pipe business will become China's control of the lowest degree of financial business,Almost all types of financial institutions can participate in(Earlier futures have let go of the asset management business qualifications).

　　而无论是自上而下的政策改革，还是自下而上的机构转型，都将在一定程度上改写中国的金融资产结构。正如一位券商高管所言，“政策松绑后，大家都站在一个公平公正的大平台上竞争，各行业发展速度不平衡的格局或将扭转。”

And both top-down policy reform,Or bottom-up organization transformation,Will be in a certain extent rewrite China's financial assets structure.As a dealer executives said,"Easing policy after,We all stood in a fair and just competition on the Pacific,Various industries development speed unbalanced pattern or the reverse."

　　混业初尝试 Mixed initial attempt to

　　对于券商、基金、信托而言，受托做保险资金的“管家”或是合作业务，由此带来的可观收入，是他们急迫抢客户的最大动力

For brokers/fund/Trust in,The insurance funds do"steward"Or cooperation business,This brings considerable income,Are they the urgent customer's biggest power

　　政策甫一松绑，市场随即涌动。一场资管混业的初演习已经悄然上演。

Policy just a relax,Market surge of immediately.An endowment tube mixed first test had been quietly put on.

　　“门槛有多高？我们能不能参与？未来有没有合作可能？”这是一位保险公司投资部负责人去年6月12日收到的一条手机短信。发信人是一位与他相熟的沪上某券商高管。

"How high threshold?We can not be involved?The future may have cooperation?"This is a state-owned insurance company last year in June 12, received a mobile phone short message.A man is a familiar with him, Shanghai some brokers executives.

　　此前，保监会已经召集他们开过一次闭门会，会上提及，今后，保险资金将可以专户或定向形式委托给基金、证券公司等非保险金融机构进行资产管理。

after,The China insurance regulatory commission has called once they open the door will be,Mentioned at,In the future,Insurance funds will only door or directional form entrusted to fund/The securities firm, the insurance financial institutions in the asset management.

　　这位券商高管说，这对急欲摆脱对通道业务过度依赖，向财富管理转型的券商而言，无疑是机不可失的。很多券商已经迫不及待地开始拉拢未来的“保险大客户”。

The brokers executives said,The eager to shake off the channel operations overly dependent on,To wealth management transformation in securities,Is undoubtedly the opportunity knocks but once.Many brokers can't wait to gain the future"Insurance big customer".

　　没过多久，包括宏源证券(000562,股吧)、东方证券、光大证券(601788,股吧)、国泰君安证券、招商证券(600999,股吧)和中信证券(600030,股吧)在内的多家券商成功拿下保监会批准的保险资金管理牌照。

It wasn't long before,Including hongyuan securities(000562,guba)/Orient securities/Everbright securities(601788,guba)/Guotai junan securities/China merchants securities(600999,guba)And citic securities(600030,guba)In several brokers success with insurance regulatory commission approved the insurance fund management licence.

　　记者从知情人士处获悉，券商受托管理保险资金的“第一单”即将在本月内出炉，这注定将成为资产管理领域的一个重要里程碑。

Reporters have learned from people familiar with the matter,The management of securities insurance funds"The first single"Will be released within this month,This is doomed to will be in the field of asset management an important milestone.

　　想虏获保险资金“芳心”的何止券商，基金公司、信托公司也对此虎视眈眈。

Want to capture the insurance money"heart"More of the securities,Fund company/Trust company to eye covetously.

　　元旦过后的第一周，上海一家基金公司便马不停蹄地拜访了两三家保险机构，目的就是为了拿下后者的“资金管理”业务。“我们和券商比，有优势。我们之前和保险公司有过基金产品业务合作，因此交情比较深，对于保险资金的特性也比较了解。”这家基金公司负责人称。

After the first week of the New Year's day,Shanghai a fund company and on the visit two or three home insurance institutions,Purpose is to win the latter"Fund management"business."We and brokers than,Have the advantage.We before and the insurance company have fund products business cooperation,So friendship is deep,For the characteristics of insurance funds is to understand."The fund company officials say.

　　有意思的是，一位信托公司高管，也旁敲侧击托记者打听有无相熟的保险公司管理层。“政策松绑后，保险公司可以投资信托计划，我们可以针对保险资金的资金属性，为其量身定制信托产品。如果有合适的机会，可以帮我们介绍介绍。”

Interesting is,A trust company executives,Also beat about the bush "reporter ask for phase of your insurance company management."Easing policy after,The insurance company can investment trust plan,We can according to insurance capital funds attribute,For the tailor trust products.If you have any suitable opportunity,Can help us to introduce."

　　对于券商、基金、信托而言，受托做保险资金的“管家”或是合作业务，由此带来的可观收入，是他们急迫抢客户的最大动力。目前，保险业的资产盘子已高达近7万亿，且逐年攀升带来的资金增量亦不容小觑。一个无形的“大蛋糕”摆在了他们的眼前，心动难耐。

For brokers/fund/Trust in,The insurance funds do"steward"Or cooperation business,This brings considerable income,Are they the urgent customer's biggest power.At present,Insurance assets plate already up to nearly 7 trillion,And rising year by year with capital increment also not allow small gaze.An invisible"Big cake"In their eyes,Cardiac unbearable.

　　而据一家券商负责人介绍，除了保险公司，他们也在与阳光私募“拉关系”、“攀交情”。

And according to a dealer chief introduction,In addition to the insurance company,They are also in the private and sunshine"Try to curry favor with"/"PanJiao feeling".

　　就在两个多月前，国内资产管理规模最大的证券公司国泰君安，与资产管理规模最大的“阳光私募”机构上海重阳投资，联合发售一款名为“国泰君安君享·重阳阿尔法对冲一号”的券商集合理财产品。这是阳光私募品牌首度被“嵌入”券商集合理财产品之中。

Just two months ago,The largest domestic asset management company guotai junan securities,And the largest asset management"Sunshine private"Shanghai investment institutions the double ninth festival,Joint selling a new name"Guotai junan gentleman enjoy · the double ninth festival alpha hedge a number"Brokers set financial products.This is sunshine private brand is the first"embedded"Brokers set of financial products.

　　无独有偶，据记者了解，目前有多家私募圈颇有名望的投资公司，也有望与中信证券等多家券商结成战略联盟。

similarly,According to reporter understanding,There are several private circle a prestigious investment company,Is expected to and citic securities, a number of other form strategic alliances.

　　而券商与私募的品牌合作的具体模式为：券商发起一款集合理财产品作为平台，私募以提供选股策略的方式参与合作，并向券商支付一定的证券账户使用费。集合理财产品的名称为双方联名，投资主办人由券商方面担纲，私募则扮演“研究顾问”的角色。

And brokers and private brand cooperation for specific model:Brokers launch one set financial products as the platform,Private to provide stock selection strategy in cooperation way,And to pay for the securities trader securities account fee.Set the name of the financial products for the joint,Investment sponsor by brokers in play,Private is playing"Research advisory"role.

　　值得一提的是，尽管类似产品名义上为券商私募联合管理，但实际上，私募在投研决策时将掌握着更主要的话语权；甚至可以说，这是一种私募借道券商发产品的合作模式。

Be worth what carry is,Although similar products name for brokers private joint management,But in fact,In private for research decisions will hold more main discourse right;even,This is a private tailgating brokers hair products cooperation mode.

　　“与其说是联合管理，不如说是私募租用券商的通道。”业内人士透露，私募之所以愿意与券商合作，主要有以下考虑：与信托相比，券商的“通道费”更便宜。

"Is not so much a joint management,Rather than private hire brokers channels."The personage inside course of study revealed that,Private are willing to cooperate with brokers,Basically has the following consideration:Compared with trust,Brokers of"Channel fee"cheaper.

　　据记者了解，目前，租用信托证券账户的成本较高，一年耗资约150万元左右，这令不少阳光私募感到难以承受。若与券商合作，私募实际支付的费用，明显低于这一标准。

According to reporter understanding,At present,Hire trust securities account cost is higher,One year cost about 1.5 million yuan,This makes a lot of sunshine private feel hard to bear.If the securities and cooperation,Private actual expense,Obviously lower than the standard.

　　毫无疑问，与阳光私募的品牌合作，是券商活用“信托牌照”的一个典型案例。目前，信托证券账户收费太高是困扰大型私募机构的难题之一。为了增强透明度、保证投资者的资金安全，私募机构纷纷与信托公司合作，由信托公司出面向客户募集资金，私募则扮演投资顾问的角色。

There is no doubt that,With sunshine private brand cooperation,Of securities is"Trust licence"A typical case.At present,Trust securities account for charging too much money is the problem of large private institutions is one of the difficult problem.In order to enhance transparency/Ensure the safety of fund investors,Private institutions in succession and the trust company,The trust company for the customer to raise funds,Private equity investment is playing the role of advisor.

　　“对于投资者而言，这种阳光私募的形式非常安全，但对于私募而言，信托证券账户收费太高，成为一项很重的负担。”上海某私募基金市场部负责人向记者坦言，一段时间信托账户的年使用费高昂，令不少有意发产品的私募机构望而却步。

"For investors,The sunshine private form very safe,But for private in,Trust securities account that the price is too high,Become a heavy burden."Shanghai some private equity fund marketing chief said to reporters,A period of time in the trust account high fee,Make a lot of hair products to private equity institutions flinch.

　　然而，券商设立集合理财产品并没有费用成本，这让私募租用券商理财账户成为可能。如此一来，券商就和信托在证券账户使用上打起了价格战。

however,Brokers set set financial product and no cost,This let private hire brokers financial account possible.so,Brokers and trust in the securities account on the use of the price war.

　　值得玩味的是，无论是券商、基金相继“拉拢”保险，还是券商争夺信托的私募客户，都只不过是资管混业的前战。随着政策的逐一落地，发生在各金融机构之间的大规模竞争，将在2013年开始继续上演。

Is worth pondering,Both brokers/Funds have"gain"insurance,Or brokers for trust private clients,All is just a endowment tube mixed before the war.With the policy of each fall to the ground,Occurs in all financial institutions of competition between mass,Will be started in 2013 continues.

　　而从长远来看，这场大资管时代的竞争结果，绝对不是市场对于“你死我活”的片面解读，而应是交叉性金融产品爆发下的“你中有我，我中有你”。这种多方竞合格局，将成为未来资管市场的一种常态。

And in the long run,This endowment tube era of competition results,Absolutely not in the market"or"One-sided interpretation,And should be crossed the outbreak of financial products"'m,I have your".The various competition pattern,Will become the future endowment tube market a normal.

　　涉足勿盲目 Don't blindly in

　　银行理财产品、房地产信托等都拉响了风险警报，不是每个产品、每个领域谁都可以玩转，谁都可以赚到钱

Bank financing products/Real estate trust and set off the risk warning,Not every product/Every field who can play,Anyone can make money

　　虽然“蛋糕”无形中变大，但抢食者众多，并非所有金融机构都能在“大资管时代”分到一杯羹，甚至存活下来。

although"cake"Virtually bigger,But the predator many,Not all financial institutions are in"Large endowment tube age"Assigned to a cup of soup,Even survive.

　　对于迎接“大资管时代”的来临，不少金融机构其实是矛盾的。很多保险公司开始很自信，但一旦实地调研和盘算后，突然发现自己并没有做好充足的资金、研发和人才准备。

To meet the"Large endowment tube age"come,Many financial institutions are contradictory.Many insurance companies began to confident,But once the field research and calculation,Suddenly find themselves and didn't make enough money/Research and development and talent preparation.

　　“没有金刚钻，绝不能揽瓷器活。”当得知今后融资融券、RQFII业务也会向保险机构放开后，一家中小型保险资产管理公司管理层的第一反应是：不能盲目涉足。他直陈三个不够：能力不够、资金不够、人才不够。

"No diamond,Can never pull China live."When that margin in the future/RQFII business will also to insurance institutions after let go,A small and medium-sized insurance asset management company management is the first reaction:Cannot blind in.He ChenSan one is not straight:Ability is not enough/Capital is insufficient/Talent is not enough.

　　同业中不乏鲜活的惨痛教训。“银行理财产品、房地产信托等都拉响了风险警报，不是每个产品、每个领域谁都可以玩转，谁都可以赚到钱。尤其是在自己不熟悉的投资领域，若不上好风险意识这堂课，若不准备充足，投资难免遭遇"呛水"。”他直言，切勿被所谓的“历史性机遇”冲昏了头脑，练好内功之后再出发亦不迟。

Trade by fresh painful lessons."Bank financing products/Real estate trust and set off the risk warning,Not every product/Every field who can play,Anyone can make money.Especially in not familiar with the area of investment,If not good risk awareness this class,If you don't prepare enough,Investment unavoidably encounter"Choke water"."He calls,Do not be called"Historical opportunity"blinded,Practice internal work before starting also not later.

　　真正的考验还在后面。对涉足资管业务的金融机构来说，不仅仅是选择什么样的投资工具，如何提升管理能力、风控水平，如何摆脱重投资、轻配置的观念，如何在产品设计、销售和投资之间建立良好的沟通协调机制等等，都将直接决定其在“大资管时代”中的成败。

The real test is yet to come.To set foot in the financial institutions (tube business is,Not only is to choose what kind of investment tools,How to improve their management skills/The wind control level,How to get rid of the heavy investment/The concept of light configuration,How to in the product design/Sales and investment to establish good communication between coordination mechanism, etc,Will directly determine the"Large endowment tube age"Success or failure of the.

　　一位券商人士告诉记者，“监管松绑后，风险全由机构自担，机遇增多的同时，风险也在放大。因此，必须搞清楚哪些是我们可以并有能力投的，哪些是我们暂时没有能力的。”

A dealer who told reporters,"Supervision after easing,All risk by institutions since the bear,More opportunities at the same time,Risk is magnified.so,Must be clear what we can and have the ability to throw,What are we temporarily no ability."

　　而在去年一次保险业内部会议上，保监会资金运用部负责人就提醒与会高管们：由于新增投资工具、新拓投资领域比较复杂，保险机构必须牢记“无为勿求其位”。并通过巴林银行破产案等案例向保险机构强调：内控是基础，执行是关键。

And at last a insurance internal meeting,The China insurance regulatory commission funds utilization department chief to remind the executives:Due to the new investment tools/The new extension investment field is more complex,Insurance institutions must keep firmly in mind"Nothing don't for the position".And through the barings bank bankruptcy cases such as to insurance institutions emphasize:Internal control is the foundation,Implementation is the key.

　　不过，无论如何，市场人士纷纷期盼，2012年贯穿于银、证、信、基、保的系列新政效应，将在2013年乃至今后数年内迅速渗透于这几大行业。尽管新政所带来的影响，目前还无法量化。但一个毋庸置疑的预期是，大资管渠道的渐次打通将提升金融行业长期投资收益率和产品竞争力。

but,No matter how,Market participants are looking forward to,Throughout the 2012 silver/card/letter/base/The series of the New Deal effect,Will be in 2013 years and even in the rapid penetration to the several big industry.Although the effects of the New Deal,It is not quantitative.But a beyond doubt is expected,Large endowment tube channel gradually through the financial industry will improve long-term rate of return on investment and the competitiveness of their products.

　　中国资产管理行业的春天正扑面而来！

China asset management industry is on the spring!