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Asset management
資產(chǎn)管理
Chasing a pot of gold
追逐一罐金子
Foreign financial firms are looking to tap into China's vast pool of savings.
外國金融公司正尋求利用中國龐大的儲蓄池。
Do they stand a chance against home-grown managers?
他們有機會對抗本土經(jīng)理人嗎？
Zhang kun is the rock star of Chinese fund management. His name often makes headlines; whole articles are dedicated to his investment calls. Investors vie to get into his funds, one of which has reportedly delivered a return of 700% since it was launched eight years ago. He is among a growing number of managers who generate more hype than the firms that employ them. With personalities like Mr Zhang on its payroll, e-Fund, a state-owned investment group, hardly needs to advertise.
張坤是中國基金管理界的巨星。他的名字經(jīng)常成為頭條新聞，整篇整篇的文章都是關于他的投資電話。投資者爭相認購他管理的基金，據(jù)報道，其中一只基金自8年前推出以來的回報率達到了700%。越來越多的經(jīng)理人的名聲比雇傭他們的公司的名聲還要大，張坤就是其中之一。國有投資集團易方達雇用了張勇這樣的人物幾乎都不用做廣告。
Now a swathe of foreign firms hopes to take on Mr Zhang and his ilk by entering China's asset-management industry. Last month Goldman Sachs, a Wall Street bank, announced a wealth-management venture with icbc, China's largest commercial lender by assets. BlackRock, a giant American asset manager, will join forces with China Construction Bank (CCB). Amundi, a French firm, has linked up with Bank of China and Schroders, a British investment group, with China's Bank of Communications. In March JPMorgan Asset Management said it would buy a 10% stake in China Merchant Bank's wealth business. Nearly 20 global investors are setting up fundmanagement firms; others are launching private securities funds.
現(xiàn)在，許多外國公司希望進入中國的資產(chǎn)管理行業(yè)，與張勇及其同行一較高下。上個月，華爾街銀行高盛宣布與中國資產(chǎn)規(guī)模最大的商業(yè)銀行中國工商銀行合資成立財富管理公司。美國資產(chǎn)管理巨頭貝萊德將與中國建設銀行聯(lián)手。法國公司Amundi與中國銀行合作。英國投資集團施羅德與中國交通銀行合作。今年3月，摩根大通資產(chǎn)管理公司表示將收購中國招商銀行財富業(yè)務10%的股份。全球近20家投資者正在設立基金管理公司，其他公司則推出私人證券基金。
The prize is access to a pot of money worth 120trn yuan ($18.8trn), which includes investments made by everyone from the average saver to the ultra-rich in mutual funds, trusts, wealth and other asset-management products. Though the pool of funds is smaller than in the West—asset managers in North America oversaw $59trn last year, according to PWC, an accounting firm—it is expected to expand rapidly. As more people grow comfortable giving their money to managers instead of picking stocks or buying property, China's pot could nearly treble, hitting 320trn yuan by 2030, reckons Oliver Wyman, a consultancy. But foreigners' attempts to crack other parts of China's financial market have yielded underwhelming results. Could this time be different?
獎勵是獲得價值120萬億元人民幣(18.8萬億美元)的巨額資金，其中包括從普通儲戶到超級富豪對共同基金、信托、財富和其他資產(chǎn)管理產(chǎn)品的投資。盡管資金池比西方要小——據(jù)普華永道會計公司稱，去年北美的資產(chǎn)管理者管理了59萬億美元——但預計將迅速擴張。奧緯咨詢估計，隨著越來越多的人愿意將他們的資金交給基金經(jīng)理，而不是選擇股票或購買房地產(chǎn)，中國的投資總額將接近三倍，到2030年達到320萬億元。但外國投資者進軍中國金融市場其它領域的努力收效甚微。這一次會有所不同嗎？
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