自2012年12月股市探底回升后，A股“牛角”初现的看法不绝于耳。曾经的“公募一哥”王亚伟首只私募产品已火速建仓，掀起私募界抢筹风暴。有“基金教父”之称的江作良在离开公募基金五年后，近期在广州推出自己的首只私募产品。基金界大佬级人物“出山”引发市场高度关注，A股2013年行情似乎值得期待。

Since December 2012, the stock market rebound bottom after agent,a-share"horn"Of the early's opinion.once"Public offering a brother"WangYaWei first only private products have a passion,A private world raise the storm.have"Fund the godfather"Be good, jiang left the public offering fund five years later,Recently in guangzhou to launch their own first only private products.Fund boundary of two level character"mountain"Sparked high attention,A shares in 2013 market seems worth looking forward to.

　牛角初现 “出山”弄潮 Horn is beginning to "mountain"Frolic in the

　　2008年6月离开易方达基金后，江作良渐渐淡出了人们的视野。2010年，他低调创办了广东惠正投资公司。酝酿了近三年后，近期该公司在广州推出了首只私募产品——“惠正成长集合资金信托计划”，拟募集规模为5亿元。

In June 2008 YiFangDa leave after fund,Jiang as good gradually fade out people's field of vision.In 2010,,He founded the low-key guangdong HuiZheng investment company.Brewing for nearly three years later,Recently the company launched the first in guangzhou only private products --"HuiZheng growth trust plans of assembled funds",Quasi raising scale for 500 million yuan.

　　由于过去传奇的投研经历以及对首只产品长时间的酝酿，市场一度猜测江作良此时“出山”，是因为牛市行情即将爆发，瞄准时机发产品抄底。分析人士指出，市场存在这种想法无可厚非。真正“大佬级”基金经理须同时具备超强的择时与选股能力，王亚伟首只私募成立后火速建仓就契合了反弹行情，如今江作良多年之后首推产品，无疑激发了投资者跟着大佬们抄底的热情。

Because of the past for the legendary experiences and research to the only product long brewing,Once the market speculation jiang as good at this time"mountain",Because the bull run simmering,Aimed at time hair product copy the bottom.Analysts pointed out that,The market has this kind of idea understandable.real"Level two"Fund managers shall also have the super selective with stock selection ability,WangYaWei only after the establishment of the first private a flash will fit the rallies,Now the river for a year after first products,No doubt inspired investors follow guies copy the bottom enthusiasm.

　　但江作良的真实想法并非如此。离开公募的五年时间里，江作良着重寻找志同道合之士，组成了一只十人左右的投研团队。或许是觉得队伍已经磨合成型，江作良选择在近期推出首只私募产品，给团队一个锻炼与展示的平台。当然，江作良认为市场环境确实发生了变化，A股今年还是比较有机会的，从自身角度出发，团队也做好了充分准备。江作良否认市场上有关“出山抄底、火速抢筹”的猜想。对于春节行情，他表现了“无意苦争春”的态度。

But jiang as the real idea is not so good.Leave public offering five years,Jiang as good focus on looking for some people,Formed a ten or so throw research team.Perhaps think team is already running in molding,Jiang as good selection in recent launch first only private products,Give the team a exercise and display platform.Of course,Jiang as good think market environment really changed,A shares this year is still have A chance,From their own perspective,The team also will be ready.Jiang on the market for good deny the"Copy from the bottom of/Passion to raise the"guess.For the Spring Festival,He showed"Has no intention of bitter for spring"attitude.

　　还有一些转投私募的大佬们最近密集发行新产品，直指A股回暖的发行时机。据Wind数据统计，2013年以来在发行之中的股票型私募产品有17只。其中不乏过去公募界知名基金经理管理的产品。北京尊嘉资产管理有限公司发行的尊嘉ALPHA1号，投资经理宋炳山曾在博时、富国、东方、长盛基金担任过基金经理。北京市星石投资管理有限公司发行的星石分级(1号)，投资经理江晖在2007年转战私募前，曾历任工银瑞信投资总监、湘财荷银基金投资总监、华夏基金总经理助理，履历与业绩均相当华丽。

And some of the giants move into the private dense recently issued new products,Directed at A shares issued warms up in the time.According to the Wind data statistics,Since 2013 in the issue of stock type private products are only 17.There is no lack of among them the past public offering world famous fund manager to manage the product.Beijing and the asset management co., LTD issued and fine ALPHA1 number,Investment manager SongBingShan was in the rich/Rich countries/Oriental/Long cheng fund as a fund manager.Beijing star stone investment management co., LTD., issue of the star stone classification(1),Investment manager JiangHui in 2007 before moving private,Have successive work silver red letter investment director/XiangCai abn amro director of fund investment/Huaxia fund assistant to the general manager,History and performance are quite magnificent.

　　原大成基金经理、现深圳尊道投资董事长谢柳毅表示，本来去年就希望发产品，但市场太弱，很难发出去。目前，A股回暖迹象明显，尊道投资公司正在筹备发行新的产品，预期做到8千万-1亿元左右的资金规模。

The original dacheng fund manager/Now shenzhen and road investment chairman thank LiuYi said,Last year was hope hair products,But the market is too weak,Difficult to sent.At present,A shares obvious signs of warmer,And word investment companies are preparing to release new products,Expected to do 80 million - 100 million yuan capital scale.

　冲破藩篱 “私奔”逐梦 Break free "elope"Dream by

　　近几年，选择“私奔”的公募界人物越来越多，融智投顾数据显示，目前具有公募背景的私募基金经理人数达105人。融智投顾研究中心副经理彭晓武指出，公募出身的私募基金经理，业绩大部分处于中游位置。这主要是由于公募出身的私募基金经理普遍具有较好的风控能力。另外，从规模上看，公募背景的私募大部分具备一定知名度，也有公开业绩记录，产品规模相对较大。

In recent years,choose"elope"The public offering world more and more people,RongZhi throw the data display,At present has the public offering background of private equity fund manager toll to 105.RongZhi goal to research center deputy manager PengXiaoWu pointed out,Public offering a private equity fund managers,Most of the performance in the middle position.This is mainly due to the public offering a private equity fund managers generally have good wind control ability.In addition,Look from the scale,Public offering background of private most have a certain visibility,Also have public performance record,The relatively large size products.

　　回顾公募大佬们的“私奔”史，大佬们在私募江湖闯荡亦可谓跌宕起伏。交银施罗德公司原投资决策委员会主席李旭利“私奔”后，却因在公募时期犯下的“老鼠仓”案，一审获刑4年被罚1800万元，一代明星基金经理落得如此下场令不少同行唏嘘不已；原交银施罗德基金经理郑拓在2009年离开公募，成立上海好望角投资公司，在2011年所有产品清盘，涉嫌利用未公开信息交易股票而深陷囹圄，成为又一个“私奔”不幸的案例。

Review of the public offering of the giants"elope"history,Giants in private river also make it ups and downs.Silver schroeder company into the original investment decision committee chairman LiXuLi"elope"after,But because in the public offering by the period"Mice storehouse"case,The four years of punishment was fined 18 million yuan,Generation of star fund managers do that makes a lot of peer off her misery;The original into silver schroeder fund manager ZhengTa in 2009 to leave public offering,Establishes Shanghai cape of good hope investment company,In 2011, all products liquidation,Alleged use of undisclosed information trading stock and waist deep,Become another"elope"Unfortunately the case.

　　当然，也有不少公募大佬在私募界再领风骚。据Wind数据统计，曾为嘉实基金(博客,微博)明星基金经理的赵军，在2007年组建的淡水泉投资公司是目前产品数量最多的私募，产品数量达37只。据悉，赵军目前一人执掌着逾30只私募产品，其中不乏业绩出色者。曾任上投摩根投资总监的明星基金经理吕俊，在2007年11月转投私募，创办上海从容投资管理有限公司，任董事长，目前产品数量达到24只。此外，原大成基金总裁龙小波成立的深圳市伯恩投资、原华夏投资副总监石波成立的上海尚雅投资、原长盛基金经理田荣华成立的深圳武当资产等私募，都成为中国私募基金业发展的重要支柱。

Of course,There are many public offering in two private bound to bring coquettish.According to the Wind data statistics,Once for fine fruit fund(blog,Micro bo)Star of the fund manager zhao jun,In 2007 a freshwater spring investment company is currently the largest number of private products,Product quantity as 37 only.It is reported,Zhao jun at present in the one more than 30 only private products,There is no lack of among them unsung performance.Served as director of investment for Morgan star fund managers LvJun,In November 2007 heading for private,Founded Shanghai easy investment management co., LTD,As chairman of the board of directors,At present the product quantity to 24 only.In addition,The original dacheng fund was established LongXiaoBo President of shenzhen Berne investment/Former deputy director of Chinese investment ShiBo established Shanghai is the investment/The original long cheng fund manager was TianRongHua shenzhen wudang assets and private,China has become the important pillar of private equity funds industry development.

　　分析人士表示，由于私募基金比公募基金的体制更灵活，不少公募基金经理选择“私奔”是为了一个高度自由的投资梦。通常，公募基金高管选择“私奔”，股东纷争、业绩压力、人事变局往往会成为“导火索”；公募基金经理“私奔”，则往往是因为投研体系死板、投资工具缺乏、排名压力使然。而如今，随着证监会拟允许券商、保险、阳光私募开展公募业务，“私奔”的理由或许还会增加一条：私募迎来了更广阔的发展空间。

Analysts said,As private fund is better than public offering fund system more agile,Many public offering fund manager selection"elope"In order to a highly free investment dream.usually,Public offering fund executives choice"elope",Shareholder disputes/Performance pressure/Personnel change tend to be"fuse";Public offering fund manager"elope",Then often because cast inquiry system rigid/Investment tools lack of/Rankings due to pressure.now,Along with the CSRC intends to allow brokers/insurance/The sun in public offering private business,"elope"Reason may also increases a:Private ushered in a broader space for development.

　　对于行业变局，江作良表示，像私募可发展公募业务、公募成立专户子公司这些业务放开后，对未来资产管理行业发展格局必然会产生较大影响。但私募基金应该如何发展，他还没有考虑好，现在把精力更多地放在投研工作上。

To change the industry,Jiang as good said,Like private can develop public offering business/Public offerings established only door subsidiary these business after let go,For future asset management industry development pattern will have great influence.But private equity fund should be how to develop,He also did not consider well,Now concentrate more on research for work.

　　谢柳毅认为，放开募集限制，对于私募行业是一个重大利好。未来公私募将处于同样的平台，有利于私募做大做强。公募基金追求的是相对收益，而私募要的是绝对收益。实际上，私募产品对于管理人的要求更高。

Thank LiuYi think,Let go collect limits,For private industry is a major positive.The future public private will in the same platform,To private bigger and stronger.Public offering fund are in pursuit of relative income,And private is absolute income.In fact,Private products for manager requirements higher.

　　有公募基金经理目前也对于私募可开展公募业务表示担忧。因为相比较私募而言，公募基金的投研能力虽然更专业、严谨，但投资方式相对不够灵活。不过，由于公募基金的业务范围也将随着专户子公司成立而大幅扩宽，在资管时代的大背景下，基金业将迎来混业经营格局。无论是公募还是私募，都面临着更多机遇与挑战。

A public offering fund manager is also for private can carry out public offering business concerned.Because compared in private,Public offering fund for research ability although more professional/rigorous,But investment relative not agile.but,Because of public offering fund business scope will also with only door subsidiary establishment greatly widen,In the information era background of the tube,Funds will have mixed management pattern.Whether public offerings or private,Are faced with more opportunities and challenges.

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