天弘基金考慮推出ETF

Tianhong Asset Management, the Chinese fund company that transformed the way millions of Chinese invest their savings, plans to enter the exchange traded fund market for the first time.

天弘基金管理有限公司(Tianhong Asset Management)第一次計(jì)劃進(jìn)入交易所交易基金(ETF)市場。這家基金公司改變了數(shù)百萬中國人投資儲蓄資金的方式。

The country’s largest asset manager, which is controlled by Alipay, the Chinese online payments company, told FTfm it has already launched a small suite of index-tracking funds and plans to expand this further by launching ETFs.

由中國在線支付公司支付寶(Alipay)控股的中國最大資產(chǎn)管理公司對英國《金融時報》基金管理(FTfm)專刊表示，其已推出少量指數(shù)跟蹤型基金，并打算進(jìn)一步擴(kuò)大產(chǎn)品范圍，推出ETF基金。

The move could pose a significant competitive threat to companies such as Fortune SG, Yinhua and China AMC, the leaders in China’s nascent ETF industry, which oversees Rmb442bn (£54bn) of assets.

此舉可能會對中國初生的ETF行業(yè)的領(lǐng)跑者——如華寶興業(yè)基金(Fortune SG)、銀華基金(Yinhua)和華夏基金(China AMC)等——構(gòu)成顯著競爭威脅。目前中國ETF基金行業(yè)掌管著4420億元人民幣(合540億英鎊)的資產(chǎn)。

Xiaoming Zhou, deputy general manager at Tianhong, said: “We are trying to provide other wealth management products, in a very low-cost and user-friendly way, to as many users as possible. In the future we plan to launch ETFs, but we don’t have a specific timeline.”

天弘基金副總經(jīng)理周曉明說：“我們正努力以非常低的成本和用戶友好的方式，向盡可能多的用戶提供其他理財(cái)產(chǎn)品。我們打算在未來推出ETF，但目前沒有具體的時間表。”

Tianhong’s existing index funds provide exposure to the domestic stock market, and manage around Rmb2.9bn of assets.

天弘現(xiàn)有的指數(shù)基金投資于國內(nèi)股市，資產(chǎn)管理規(guī)模約為29億元人民幣。

The company is well placed to access a wide range of retail investors, given the rapid growth of its online money market fund, Yu’e Bao, which translates as leftover treasure. The fund — the largest of its kind in China — has attracted approximately 185m investors since it launched in 2013, bringing its total assets to an estimated Rmb794.4bn.

鑒于其網(wǎng)上貨幣市場基金“余額寶”(Yu’e Bao)的快速增長，天弘基金處于有利地位，能夠接觸到廣大散戶投資者。余額寶作為中國最大的貨幣市場基金，自2013年推出以來吸引了大約1.85億投資者，資產(chǎn)總規(guī)模達(dá)到約7944億元人民幣。

Consumers that use Alipay’s epayment account to pay for everything from taxi rides to shopping can use their phones to direct idle cash into the money fund for returns that beat those offered by bank accounts.

使用支付寶付款帳戶來支付從出租車到購物的消費(fèi)者，可以用手機(jī)把閑置資金轉(zhuǎn)入貨幣基金，以獲得高于銀行存款的回報。

The popularity of such products has helped assets in the Chinese money market fund industry grow to Rmb4.5tn, more than ten times the size of China’s ETF market, according to Z-Ben, the Shanghai-based consultancy.

上海咨奔商務(wù)咨詢有限公司(Z-Ben)的數(shù)據(jù)顯示，這類產(chǎn)品的普及，推動中國貨幣市場基金的資產(chǎn)規(guī)模增長到4.5萬億元人民幣，是中國ETF市場規(guī)模的10倍以上。

Analysts believe Tianhong’s eventual move into ETFs is likely to be popular with Chinese investors, particularly if it provides them with greater access to foreign stock markets. This would require gaining the relevant quotas from the China Securities Regulatory Commission, which awards mainland fund companies the right to invest in overseas markets.

分析人士認(rèn)為，天弘基金最終進(jìn)入ETF市場可能會受到中國投資者的歡迎，特別是如果這些ETF能讓他們獲得境外股市的更大敞口。這將需要從中國證監(jiān)會(CSRC)獲得相關(guān)額度。證監(jiān)會負(fù)責(zé)向中國內(nèi)地的基金公司授予到境外市場投資的權(quán)利。