外国基金经理眼中国最新的市场开放

长期以来梦想获得巨大国内中国市场的外国基金经理即将有机会炫耀他们的金融巫术。

At the end of June, regulators in Beijing unveiled a package of financial reforms that will allow global asset managers to establish wholly owned entities on the mainland to invest in the nation’s $10 trillion capital market on behalf of Chinese institutional investors and wealthy private clients. The initiative arguably represents the most dramatic and potentially lucrative of a series of moves to liberalize China’s financial markets in recent years. Until now, foreign firms have mostly been limited to minority stakes in mainland joint ventures with Chinese managers, but the new reforms will wipe away those restrictions.

“这可能是我见过的金融服务制度的最具变化之一，”基于中国资产管理行业的研究室董事总经理Peter Alexander彼得··亚历山大说。

Success is far from guaranteed, though. China’s asset management industry has become increasingly sophisticated both in managing funds and in raising assets with e-commerce marketing strategies. Foreign managers seeking to grab a share of the nation’s $6 billion–plus asset management industry will have to invest heavily to compete, say market experts.

“这是灵丹妙药，但没有人知道这一举措是为此举动做好准备的，”亚历山大说。许多外国公司可能需要时间来检查新的法规并考虑其策略。“问题是，你将如何执行？大陆有多少人知道你的品牌？“他说。“有很多木材必须被切碎，从这里开始拥有一个成功的商业陆上。”

Notwithstanding the uncertainty, at least one foreign firm — AXA Investment Managers, the €666 billion ($738 billion) asset management arm of French insurer AXA — has already begun the process to apply for a license to establish a wholly owned subsidiary in Shanghai’s Lujiazui Free-Trade Zone. Cheng Liao, executive director for Asia business development at the firm, says the new unit would complement AXA IM’s existing retail joint venture with Shanghai Pudong Development Bank and Guosheng Asset Management. AXA IM owns 39 percent of the venture.

“We expect great opportunities from the development of the alternatives and the credit market in China,” Cheng says. “The wholly owned foreign entity will also leverage the joint venture’s distribution capability to introduce and provide AXA IM’s solutions to Chinese institutional and high-net-worth investors for their overseas investments.”

Others are holding back. Investec Asset Management welcomes the latest Chinese move as a step toward greater liberalization but doesn’t plan to set up a mainland subsidiary because the new regime still imposes some restrictions on foreign firms, says Hendrik du Toit, CEO of the $109 billion London-based manager. “It’s not as if you open an office in the U.K. or something,” he adds.

Z-Ben Advisors表示，最新的自由化适用于中国机构和高净值客户的内地股票和债券，价值约2.5万亿美元的市场。它不允许外国公司管理国内零售投资者的资金，为3.7万亿美元的市场。它也没有影响中国客户的离岸资产的管理，外国和国内公司目前在配额方面做的，例如合格的外国机构投资者和合格的国内机构投资者制度。亚博赞助欧冠

Open access has long been a goal of foreign firms and China’s major trading partners, but the announcement, which came just a few weeks after top U.S. and Chinese officials met in Beijing for the eighth U.S.-China Strategic and Economic Dialogue, caught industry executives by surprise. Many foreign executives had begun to question Beijing’s commitment to financial liberalization following a sharp plunge in Chinese stock prices last year and clumsy efforts by regulators to manage the volatility. But向外国资产管理人员开放国内市场could add depth and stability to mainland markets and help counter the large capital outflows that China has experienced over the past year.

中国当局已经宽松限制了外国管理人员。去年10月U.K.基于Aberdeen资产管理和波士顿的富达投资让绿灯设置了中国的全国外资子公司，并于2016年3月，基于康涅狄格州的对冲基金公司BridgeWater伙伴获得了建立商店的许可在国内。当局还将上海股市开设到香港股份公司通过2014年11月推出的股票连接方案指导了香港公司的投资。

为了利用新开幕，外国管理人员必须没有任何监管制裁，中文或以其他方式，至少三年，并以与中国有贸易和财务协议的国家。公司必须将其中国公司实体基于上海自由贸易区，该地区于2013年9月成立，使得公司提供配额免于外汇。

The new rules do not affect the 44 joint ventures that foreign asset managers have established with Chinese partners. Some of these firms have established leading market positions.Harvest Fund Management Co.该国第三大基金经理，截至2015年3月31日的资产为900亿美元，是德意志银行资产管理臂所拥有的30％。其他几个合资企业在2015年的中国20突出地位，亚博赞助欧冠’s ranking of the country’s top asset managers, including eighth-ranked ICBC Credit Suisse Asset Management Co. and No. 10, Bank of Communications Schroder Fund Management Co.

Alexander of Z-Ben Advisors says the competitive impact of the new liberalization is unclear. “You can argue the foreigners coming in will be sidelined, much like they are sidelined in insurance, banking and securities,” he says. On the other hand, he adds, many Chinese investors have shown little brand loyalty: “If you can come up a compelling invest process that generates decent returns, that would be a killer app. Performance matters, full stop, in China.”

外国对冲基金的基于上海法律顾问Hubert Tse表示，新的市场开放将向中国招手许多全球对冲基金。“这是令人鼓舞的消息，因为合格的外国对冲基金和资产管理人员可以在中国赚钱，从岸上的律师事务所的合作伙伴筹集来自中国投资者的资金，并推出资金投资中国市场的股份，”律师事务所＆ 年轻的。“本公告表明，中国监管机构致力于进一步开放金融市场，发展资产管理行业和对冲基金市场 - 尽管市场绩效差，人民币和预期基金流出的持续折旧。”

In 2013 the authorities allowed six hedge fund firms, including New York–based Och-Ziff Capital Management Group, Chicago-based Citadel and London-based Man Group, to set up subsidiaries in Shanghai and invest up to $50 million for Chinese clients under its Qualified Domestic Limited Partner program. Last year the government approved five more foreign firms, including UBS Global Asset Management and Deutsche Asset & Wealth Management, to open Shanghai outlets under the QDLP program with investment quotas of $100 million each.

Follow Allen Cheng on Twitter at@ Acheng87.。