亞洲資產管理業仍大有可爲

There have been plenty of uncomfortable places to be in the markets this week. But Asian fund managers have probably had it worst.

本週，有很多市場領域讓人感覺不舒服。但亞洲基金管理公司或許是感覺最不舒服的。

Major Asian stock markets are down for the year, shrinking assets already invested and disincentivising further inflows. The Chinese stock market is down 40 per cent since its peak in June. No surprise, then, that Asian investment funds have suffered big outflows in recent weeks.

今年亞洲主要股市紛紛下跌，這導致已投資資產縮水，且阻礙了進一步的資金流入。自6月達到峯值水平以來，中國股市已下跌40%。因此亞洲投資基金最近幾周遭遇大規模資金流出也就毫不意外了。

But even before the recent market turmoil, the asset management industry had not benefited significantly from the sort of Asian growth that other sectors have enjoyed. Of $11tn-$12tn in institutional assets in Asia, only $2tn is allocated to third parties to manage — although this number is growing — according to Greenwich Associates, a consultancy. The proportion of externally managed assets has expanded so far this year.

然而，即便在最近的市場動盪之前，資產管理行業也沒有從其他領域所享受的亞洲增長中大規模受益。根據諮詢機構Greenwich Associates的數據，在11萬億至12萬億美元的亞洲機構資產中，只有2萬億美元配置給第三方管理。不過這個數字正在上升，今年迄今，由外部管理的資產比例有所上升。

If western markets offer a road map, there should be more to come. US institutional assets are of similar total value to those of Asia, yet a far higher proportion — around 80 per cent — is externally managed. That is a big opportunity for the industry to address, even if (and perhaps especially if) stock markets remain choppy. Asset management in Asia is also likely to get a boost from China’s mutual fund recognition scheme with Hong Kong.

如果西方市場的發展提供了路線圖的話，那麼亞洲未來由第三方管理的資產會更多。美國的機構資產總規模與亞洲相當，然而由外部管理的資產比例要高得多（80%左右）。這是該行業需要抓住的一個巨大商機，儘管股市仍起伏不定（也許股市起伏不定恰恰凸顯出了這一商機）。此外，亞洲資產管理業也可能會從中國內地與香港的基金互認機制中獲得提振。

This arrangement allows funds to be approved for sale in both markets, subject to a quota of about $50bn in each jurisdiction. There is no shortage of funds queueing up for recognition: Hong Kong’s Securities and Futures Commission says that total assets of $50bn in Hong Kong and over six times that in China may be eligible.

這種安排使得基金能在這兩個市場獲准發售，兩地投資額度分別爲500億美元左右。排隊爭取互認資格的基金並不少：香港證監會(Securities and Futures Commission)表示，香港有500億美元資產可能符合條件，中國內地可能符合條件的資產的規模是香港的6倍多。

Not that any of this makes the current markets any easier to bear for the asset managers. Falling stock markets do not exactly encourage new investment. But over the long term there is still scope for the industry’s bigger players — and niche specialists — to find growth in Asia.

這些都不會讓資產管理公司更容易應付目前的市場。股市下跌不會鼓勵新投資。但長期來看，該行業規模較大的參與者以及細分專業機構仍有在亞洲實現增長的空間。