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论文编号：	6620
作者编号：	2220120475
上传时间：	2014/12/1 13:11:30
中文题目：	博时基金产品专户化的战略研究
英文题目：	A study on product strategy by segregated account of Bosera Asset Management
指导老师：	周建
中文关键字：	公募，产品专户化，战略，博时基金
英文关键字：	Mutual Fund，Segregated account,Strategy,Bosera funds
中文摘要：	当前，我国金融市场正处于大资管时代下的动态调整发展进程当中。金融混业之下，金融管制不断放松，金融工具不断创新，市场竞争不断加剧，公募金牌照贬值的压力进一步增加，公募基金行业传统产品战略也使得行业面临收益与成本严重不匹配等，公募基金行业的竞争态势已经全面进入“红海”甚至“火海”；投资者对市场的认知度不断提升，个性化的投资需求不断涌现，对自身权益诉求和风险收益偏好更加明确，对基金公司的产品量身定制设计及相关投资服务都提出了更高的要求；混战后金融部门的平均收益率进一步下降，趋同的资产管理竞争模式需要重新开始差异化，这些都对公募基金管理公司的产品及管理模式提出了新的挑战，同时也面临着新的发展机遇。资产管理行业存在的核心价值即为投资者创造财富，面对机构或高端个人大客户对外委托需求的“蓝海”，公募基金管理公司产品专户化发展战略将是抢占市场、抢占业务“蓝海”的关键。公募基金公司必须凭借产品专户化的战略，以个性化的产品定制、资产配置和服务，完成自身大卖式的传统基金产品向精品化的专户产品的转变，为自身在泛资产管理时代的金融版图中获取更高的市场占比和地位。在此行业背景下，作者结合自身证券行业14年其中基金行业10年的从业经验，注重战略管理的理论与实践的结合，从公募产品专户化的宏观背景和微观基础出发，对其所从业的博时基金在此方面业务开发的战略原则、目标、相应的战略规划以及为保证这一战略成功所实施的商业模式改造都进行了集中阐述。博时基金作为本土最早成立也是规模最大的公募基金管理公司之一，在泛资产管理时代和国民财富不断增长升级的大背景下，在激烈竞争的公募基金市场中，持续保持其强大的投研、销售以及公募客户优势，持续沉淀了多年丰富的养老金包括全国社保基金、企业年金等独立专户账户管理经验，投资业绩表现也持续优秀，但在针对一般机构和高端个人投资者的专户化产品方面，目前管理规模较低，与其排名靠前的市场地位严重不符，甚至已经开始被部分后进成立的公司逐步追赶或赶超。在新《基金法》的框架下，博时应利用更多先进的金融工具，将产品转变由传统的相对收益转变为更符合投资者诉求的绝对收益产品；加强适合专户化产品的研究分析能力，对于投资未通过证券交易所转让的股权、债权及其他财产权利，以及其他一些资产，都需要设立专门的子公司，进行独立的运营，以保证公司开展专户化业务与公募基金做到有效的隔离，防止损害公募基金投资者的利益；加强对中国金融工具管制和金融市场开放的趋势性研究，在国内金融市场逐步发展和健全的动态过程中，以专户化业务对新策略和新产品进行试点，加之所对应的投资者具有一般具有更多的专业知识，对其所承受的风险具有更清醒的认识；更容易被国家的政策制定者用来进行试点研究。这样更有利于基金管理公司更早的抢占先机，发现市场机会并提高盈利水平；加强公募基金宏观策略及行业分析研究在专户业务领域的共享，尤其对于宏观经济形势的分析以及行业研究依然对于专户化产品部门具有意义，在强调部门隔离的基础上，将整个公司的宏观分析和行业分析这类研究成果进行共享，一些不涉及到投资具体信息的上市公司具体分析以及债券分析等也可以在这两大业务部门间进行共享。本文结合博时基金产品专户化业务开展所面临的政策、市场竞争以及内部组织环境分析，公司开展产品专户化的战略内涵即必要性及核心价值链的分析，提出了以客户为中心的产品传略转移、产品体系及营销体系的重新构建，辅以在投资研究、投资范围和品牌推广升级等配套措施，为公司通过产品专户化战略的实施，提供了理论支持和实践参考。本文实践创新大于理论创新，对金融创新下博时基金公司未来战略发展的进行了有益的梳理和思考，而博时作为行业龙头企业，其业务战略发展的思考和尝试亦对整个公募基金行业的发展及二次腾飞具有实践和借鉴意义。
英文摘要：	China's financial market is dynamically readjusting itself in the upcoming revolutionary era of asset management. As financial system is further integrated with loosening regulation, more innovative financial vehicles and enhanced market competition, the license of mutual funds faces more pressure of depreciation. Meanwhile, since traditional strategy of mutual funds has caused severe imbalance between earnings and cost, the industry is not only fully competitive, it is over competitive. In addition, Investors, on the other hand, are now posing higher requirements to customized products and investment services provided by the fund companies as their recognition to the market is improved, their personalized needs diversified and their demands for rights and interests as well as risk preference more explicit. Players in the battle field of asset management, seeing decreasing average yield in the financial sector, realized the necessity to differentiate their strategies. All of above-mentioned facts posed new challenges and opportunities to the products and management patterns of mutual funds. The core value of asset management is to create value for the investors. Global asset allocation demand of institutional investors and high net worth individual investors is the blue ocean area of the industry, therefore segregated account strategy is essential for fund companies to seize the initial market share. The transition of fund companies in the era of asset management should rely on the segregated account strategy. With tailored product design and asset allocation services, fund companies should switch from traditional standardized products to highly customized products, thus acquiring higher industry status in the future financial landscape dominated by asset management. Against this backdrop, the author, who has 14 years of experience in security industry and 10 years in mutual fund, proposed a comprehensive proposal for Bosera Funds in which she has served for years. With full consideration of combining theory and practice in the strategy management, based on macro background and micro foundation of segregated account, the author made a thorough and articulated statement to strategy principles, targets, related planning and business pattern to secure successful implementation of this strategy. Bosera is one of the first fund companies in the domestic market, and its scale is one of the largest, too. In the era of asset management with increasing wealth in both public and private sectors, Bosera managed to maintain strong investment and research capacity, distribution ability and customer base in the fierce competition of fund companies. Bosera has accumulated experiences in managing segregated accounts for customers including pension funds, national social security funds and enterprise annuity with spectacular investment performance. However, its AUM in segregated account tailored for institutional and high-end individual is low and disproportionate compared to its leading market place, even lower than some fund companies established later. The following sets forth for main approaches of the segregated account. Firstly, under the framework of new laws and regulations, Bosera should use more advanced vehicles to transform the existing traditional products with relative return to products with absolute return which are more in line with investor demand. Secondly, Bosera should improve research and analysis on the segregated account products. In particular, Bosera should set up subsidiaries with independent operation to invest in those assets that cannot be traded through stock exchange markets, including equity, debt and other rights. The separation of segregated account and public fund can protect interest of investors of mutual funds. Thirdly, Bosera should intensify trend study on China's financial vehicle regulation and financial market opening process, and pilot the new strategy and new products of segregated account. The investors qualified for this pilot program are generally equipped with more professional knowledge and better understanding to the risks taken. These conditions provide opportunities for fund companies to take the market share faster than their competitors and enhance earnings. Fourthly, Bosera should promote sharing of expertise of public funds in macro strategy and industry analysis, which are still relevant to the department of segregated account. Research expertise on macro and industry study, as well as analysis of listed companies and bonds should be shared among the two business units without disclosure of specific investment decisions. With full consideration of regulatory policy, market competition and internal organization, as well as analysis on strategy focus, i.e. the necessity and core value of the segregated account product strategy, the author proposed solution to restructure the business strategy with client-oriented product series and systemized marketing service, as well as relevant adjustments on investment research, investment scope and brand upgrading. The proposal conducts an in-depth insight and innovative study on Bosera’s future development, which has essential advantages both in theory and practice. Bosera is one of the leaders in the public fund industry, its attempt and philosophy in this aspect should benefits both itself and the mutual fund industry.
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