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加中金融

其实，中国的基金行业一直在加强开放。目前，中外合资 Indeed, China's fund management industry has been greatly
基金公司占总数的 1/3 以上。基金业起源于西方，中国作 increasing its degree of openness. At present, Chinese-foreign joint
venture fund companies account for more than one third of the total
为后来者不断学习借鉴，在 22 年的发展历程中也诞生出 fund companies. The fund management industry originated from the
一批体量大、实力强、品牌好、业绩优、产品广、渠道多 West, and China, as a latecomer, has gone great lengths to study and
的基金公司。 learn from the industry. After the industry’s 22 years of development
in China, a group of fund companies have emerged that are large in
无论姓“中”还是姓“外”，基金管理人的宗旨都是“给 size, highly capable, well branded, produce excellent results, have a
持有人创造价值”。我们认为，构建资管公司核心竞争力 wide range of products and diverse channels at their disposal.
有五个关键点： Whether a fund manager is “Chinese” or “foreign,” their aim always
lies in “creating value for the holders.” As far as we are concerned,
1） 投研能力，这是资管公司持续成长的核心问题。 there are five key points in building the core competencies of asset
2） 战略选择，即公司如何定位？是定位指数型基金，还 management companies:
是主动管理基金？是定位权益基金，还是固收基金？ 1) Investment and research capability, which is the core issue in
3） 以人力资源管理为代表的管理能力。 ensuring the continuous growth of asset management companies.
4） 产品设计能力，国内同时还应注重市场营销能力。 2) Strategic choices, as in, how does the company position itself? Index
5） 品牌力。品牌需要长时间的积累，而非一劳永逸。 investment or active investment? Equity investment or fixed income
investment?
结合朱雀团队十余年的发展历程，我们谈谈感悟： 3) Management ability, which can be represented by human resources
management.
1. 投研能力上，朱雀基金聚焦产业链研究，在能力 4) Product design capability. In China, marketing is also important.
范围之内，力争在某个领域，成为核心公司的主 5) Brand influence. Brands need to be built to last for a long time, not
to be a one-fix solution.
要股东。我们要站在行业的最高点去思考行业的 Looking back over more than a decade of the Rosefinch team’s
变革，思考行业未来可能出现的变化和风险。与 development, here are some of our thoughts:
其把握短线机会，我们更注重企业未来的 5~10 年 1) In terms of investment and research capabilities, the
的发展。 Rosefinch Fund focuses on industrial chain research and
2. 战略选择上，我们选择了从私募转向公募。10 多 strives to, within its capabilities, become a major shareholder
年前私募基金大发展，朱雀团队创业的时候，整 of a core company in a certain field. We should situate
ourselves at the highest point of an industry in order to
个私募基金行业的 AUM 是 200 多亿，2015 年发展 properly think about how it may be transformed, and the
到十几万亿，私募管理人也从几十家发展到两万 potential changes and risks in the future. Instead of taking
家，势必加大了监管的难度。在这样的情况下， short-term opportunities, we pay more attention to a
company’s development over the next 5-10 years.
我们选择做公募，更严格的监管意味着更强的信 2) Our strategic choice has been to shift from private fund to
任背书，同时也能享有政策红利。 public fund. More than 10 years ago, private fund industry
3. 团队管理上，我们不强调“王重阳”，而是着力 underwent rapid development. When the Rosefinch team
培养自己的“七子剑阵”。我们做了两件事情， started business, the total AUM (Asset Under Management)
一件是重塑合伙制，通过员工持股打造优秀团 of private fund industry was over RMB 20 billion, reaching
more than RMB 10 trillion in 2015. Private fund managers
队；另一件是数字化建设，我们的产业链研究与 also increased from just dozens to 20,000, which inevitably
数字化升级就有很大关系。 made supervision incredibly difficult. It was in this context
4. 负债端建设上，负债端与资产端的长期匹配一定 that we applied for public fund license. Stricter supervision
要做到，要努力让自己的“口袋比较深”，且资 means stronger trust endorsement; meanwhile, we could
enjoy policy dividends.
金结构良好。朱雀基金目前的管理规模中，机构 3) As for team management, we are not looking to train
客户占比超过了 60%，机构客户中的产业客户占 erudite talents like Wang Chongyang (one of the founders
比超过 60%，换句话说，我们有 40%的资金来自于 of the Quanzhen School of Daoism), but focus on training
产业资本。这使我们可以更好地践行产业链研 our own elite team, like the Seven Masters of Quanzhen
(Wang Chongyang’s legendary disciples). In view of this,
究、长线投资的理念。 we have done two things. One is to reshape our partnership
mechanism, creating exceptional teams by granting shares
to key members. The other is digital construction, as our
industrial chain research is closely related to digital
upgrading.
4) With regard to reinforcing the liability side of the balance
sheet, we have made it imperative to achieve long-term
matching between liabilities and assets. We should strive to
deepen our pockets, so to speak, and create a sound capital
structure. In the Rosefinch Fund’s current management
scale, institutional clients account for more than 60%,
within which industrial clients constitute more than 60%. In

other words, 40% of our funds come from industrial capital.
This enables us to better practice industrial chain research

and long-term investment.

CCFA JOURNAL OF FINANCE AUGUST 2020 Page 37 第37页