逐鹿大资管时代

[目录]

Praise /I

Foreword The Asset Management Industry Should Aim to Become the Role Model for Continuous Learning and the Pioneer of Innovation /V

Zhang Yujun / Assistant Chairman Of China Securities Regulatory Commission

Preface Managing Assets in a New Age /XI

Part I Macro View

01 Financial Markets: Trust, Regulation and the Rest / 3

Professor John Board / Dean of Henley Business School

Confidence and regulation

InnovationSecuritization

Does history help?

Rebuild confidence

Q&A

[目录]

Praise /I

Foreword The Asset Management Industry Should Aim to Become the Role Model for Continuous Learning and the Pioneer of Innovation /V

Zhang Yujun / Assistant Chairman Of China Securities Regulatory Commission

Preface Managing Assets in a New Age /XI

Part I Macro View

01 Financial Markets: Trust, Regulation and the Rest / 3

Professor John Board / Dean of Henley Business School

Confidence and regulation

InnovationSecuritization

Does history help?

Rebuild confidence

Q&A

02 Global Imbalance, Debt Crisis and China’s Challenges / 21

Yu Yongding / Academic of Chinese Academy of Social Sciences

Global imbalance

The U.S. total debt crisis

America’s measures to address the crisis

China’s challenges

03 Global Market Outlook & Development of Long Term Investment Culture in China / 33

Mark Talbot / Managing Director, Fidelity Worldwide Investment, Asia-Pacific ex-Japan

US leadership

Get active

China’s long-term story

Customer comes first

2014 Analyst Survey points to increased ‘Animal Spirits’

Part II Micro View

04 Hedge Fund Developments and Real Operations / 47

Pierre Lagrange / Chairman of Man Group’s Asia Business

Introduction to hedge funds

The development and institutionalization of hedge funds

Regulatory framework for hedge funds

05 The Evolution of the Global Hedge Fund Industry and the Current Regulatory Environment / 61

Andrew Baker / CEO of AIMA

Jiri Krol / Deputy CEO of AIMA

Andrew Baker’s speech

Jiri Krol’s speechQ&A

06 Private Equity Investing: Comparing China with the West / 81

Professor Roger Leeds / School of Advanced International Studies, Johns Hopkins University

AgendaPrivate equity introduction

Why PE in China/Other EMs fundamentally different

The biggest PE challenge in China

Emerging markets private equity: recent trends & performance

Q&A

07 The State of the Investment Management Industry / 103

James M. Norris / Managing Director, Vanguard International

Vanguard’s strategy

Four investor-driven trends

Fee structure revolution

Indexing revolution

08 Evolution of the U.S. Pension System

F. William McNabb III / Vanguard Chairman and CEO

Development phase of the U.S. pension system

Pension Protection Act codified “auto everything”

Rise of the target-date funds

Major challenges in the U.S. system

Regulatory challenges

Lessons China can learn during the journey

09 Derivatives, Options and Short Selling / 133

Nancy Davis / CIO and Managing Partner, Quadratic Capital Management LLC

Dr. David Seif / Director of Research, Quadratic Capital Management LLC

Stefan Gradinaruoll / Columbia Business School

Derivatives

Options

Buying versus selling options

Short selling

Short selling versus shorting by owning put options Conclusion

Part III Strategy

10 The Models for Stock Investment and Risk Control in Emerging Markets / 147

Paul E. Viera / Founder of Earnest Partners LLC

Characteristics of Emerging Markets

Discussion on investment in Emerging Markets

Investment practice in Emerging Markets

Q&A

11 Multi-boutique Model for Asset Management / 171

Barbara A. McKenzie / Senior Executive Director, COO & Boutique Operations for Principal Global Investors

“Multi-Boutique” strategy

The structural benefits of a Multi-Boutique

Global Network Creation and management of a Multi-Boutique

Global Network Client benefits of a Multi-Boutique approach

Management of the boutique network

Q&A

12 Art Investment Funds Landscape / 191

Adriano Picinati di Torcello / Chief of Art Finance of Deloitte Luxembourg

Financialization of the art market: attraction for art as an asset class

Financial performance of the fine art market

How to get a financial exposure to art?

Art investment funds’ main characteristics

Pros and cons of art collective investment scheme

13 The Rise of ETFs in Efficient Capital Market / 211

Jane Leung / Head of iShares Asia Pacific

Market components

China’s market development

Future benefits

14 Waterworld: Charting a Passage to Profitable Investment in a World Awash with Artificial Liquidity / 221

Michael Power / Strategist at Investec Asset Management

The destruction of RFRs

Monetary policy today

Investment and Waterworld

15 Reshaping the Asset Management Business Model through Providing Solutions / 231

Scott Powers / President and CEO of State Street Global Advisors

1978—1989: The inception of SSGA and growth of indexing in context of the bull markets

1990—1999: The era of global expansion and product diversification led by ETFs 2000—2007: The data revolution and the move toward defined contribution investing

2008 to the present: Post-global financial crisis and the development of integrated solutions

What will asset managers need in the next decade?

16 KKR’s Environmental, Social and Governance Considerations: A Focus on Responsible Investment / 249

Steven R. Okun / Director, Public Affairs, KKR Asia Pacific

Xiang Li / Managing Director, KKR China

KKR’s commitment to ESG and Responsible Investment

KKR’s Global/Local approach in China

A look into Responsible Investment

Responsible investing for the future

17 Are SMEs an Attractive Potential Investment for the Chinese Financial Sector? / 269

Christoph Loch / Dean of Cambridge Judge Business School

Risks of investing in SMEs

Difficulties that SMEs face

Innovation and solutions Conclusion

Q&A

18 Ownerships Models in Asset Management: A Global Perspective / 283

Daniel Celeghin / Partner and Head of Asia-Pacific, Casey Quirk Limited

Changing business environment

Attributes of successful asset management companies

Asset management company ownership

Conclusions

Q&A

本书由中国证券投资基金业协会编著，介绍了大资管时代下全球金融领域内最领先的机构、专家、学者、管理人关于当下金融行业的最新动向与发展趋势的前沿观点，主题覆盖了对冲基金、被动投资、衍生品、私募股权投资、艺术品投资等金融领域众多方面，有助于读者汲取国际资本市场上的经验和教训，进而对我国资产管理行业存在的问题和机遇有更深入的思考。无论作为资产管理行业的从业者，还是关心我国资本市场发展的普通民众，都能从中获益匪浅。

    中国证券投资基金业协会首部透视大资管时代下全球金融行业发展前景和动向的重磅之作。
    本书契合了中国基金行业不断提升国际化水平的内在需求，涵盖了领航集团、富达国际、信安环球、道富环球、德勤会计师事务所、中国社会科学院、英国剑桥大学等国内外一线金融投资企业、研究机构最新的投资理念、运作模式、翔实案例介绍以及国际监管动态分析，对处在大资管时代的国内资产管理机构与监管部门提供了参考与借鉴。
    中国证券监督管理委员会主席助理张育军倾情作序；中国银行业协会专职副会长杨再平、中国证券投资基金业协会兼职副会长范勇宏以及易方达基金刘晓艳、广发基金林传辉、上海重阳投资裘国根、汇添富基金林利军、鹏华基金邓召明、国泰基金金旭、中欧基金窦玉明、信诚基金王俊锋、赢华基金成健等行业领军人物鼎力推荐。

    湛庐文化出品。