said Fan Yonghong 12th, Huaxia fund management company limited , A unified standard of all financial products, properly handle the relationship between performance and scale, adhering to performance priorities.
Fan Yonghong was “2011 (sixth) open-end Fund annual meeting of China's securities investment fund industry and to commemorate the 10 anniversary of the ” last made the above remarks. He also said that reforming the current system of administration of the Fund, in particular, to solve the problem of fund holders and managers the interests of consistency.
financial diversification age comes
Fan Yonghong says public-fund in the financial markets have long “ a alone ”, ordinary investors to invest on the stock market, in addition to buying the stock, the only investment fund. But in recent years, major and profound changes have taken place in China's financial market, has been removed from public-fund “ a alone ” stage to “ qunying highlights ” era of diversification of financial management.
“ in the era of diversification of financial management, the different financial products, complement and promote each other, can bring about common development. Public placement Fund should be in a positive frame of mind, meet the diversification of financial management coming of age. &Amp;rdquo he said, now, offering finance and collection of funds, private equity, bank finance, brokerage, and private equity (PE), become the main force of financial markets, providing investors with a variety of financial, meet the needs of different investment group investments. Seen from the asset management industry as a whole, more than public placement Fund more than 740, size 2.5 trillion yuan, Sun private product over more than 1600, managing more than billions of bank financing products issued last year by nearly 10,000, issuing $ 7 trillion; collection of securities dealers finance scale also reached more than 150 billion yuan. In addition, PE relies on policy support in recent years, rapid development, meet the investment needs of the high-end customer.
consolidated financial product regulatory standards
Fan Yonghong said that in the era of financial diversification, fully absorb and learn from other financial products development results and experience of the public placement Fund, offering Fund have unique advantages are no longer obvious. At the same time, public placement Fund subject to their own system of a number of constraints, further development constraints. At present, the prominent issues in regulatory standards on a variety of financial products are not unified, and existing holders of the Fund and Fund Manager in the system of interest inconsistencies.
similar financial products, but are on different industries, regulatory requirements vary. Public placement fund the high regulatory standards, including open and transparent disclosure of the information, strict contracts, investment management, portfolio officers code of conduct, and so on. For example, announced public placement Fund daily net, quarterly, semi-annually, each year detailed investment disclosure information; investment officers are not allowed to hold stocks, trading hours mobile hand, MSN, plane closely monitored, and so on. Investments and other financial products are not subject to these restrictions. The same stage, are confronted with different rules, the public-fund of funds managers, is unfair.
he said development of consolidated supervision of all financial products standards, and create a fair environment, on the development of public-fund is crucial. Therefore, for similar financial products, especially high risk of financial products, have different regulatory measures necessary to implement coordination, unify supervisory standards. This will help to curb unfair competition and establish investor confidence, protect the integrity of the asset management industry.
in the era of diversification of financial management, public-fund cannot stand still, to have a sense of crisis, to emancipate, reforming the current system of administration of the Fund, in particular, to solve the problem of fund holders and managers the interests of consistency, the establishment of fund holders and managers of risk sharing, revenue sharing between the Fund management system. In this context, the advantages of offering Fund can learn from private equity system, system solve the problem of protecting the interests of investors.
handle the relationship between performance and scale
“ painter takes a site half a year, a new boutique, paint faster, and more, are a dime a dozen. &Amp;rdquo; he pointed out that the performance and management of investment assets are two important objectives of the Fund management company, needs to correctly handle the relationship between them, not health service delivery insufficiency. Active investment funds as well as art, not a pipe, the more the better, but return for investors, the more the better. Than is the performance of the Fund, not the size. Fan Yonghong, summarize the principle of correctly handling the relationship between performance and size are: first, the performance is excellentFirst, always put the interests of investors in the first place, is responsible for investor; with all due diligence, with good performance rewarded investors, this is the core value of the Fund Manager. There is no return on performance, there is no scale. When a conflict occurs when the performance and scale, performance, not to scale. Depends on the management of the Fund, long term, scale is that the pipe out of the Fund, rather than sold out.
the second, on the premise of ensuring good performance, reasonable growth in pursuit of scale. Continued good performance is the basis of asset growth; no investment results, even if the assets have increased in the short term, customers will also be disappointed to leave assets cannot be maintained. Only continued the good investment performance, to win the trust of investors.
