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Asset management
资产管理
Chasing a pot of gold
追逐一罐金子
Foreign financial firms are looking to tap into China's vast pool of savings.
外国金融公司正寻求利用中国庞大的储蓄池。
Do they stand a chance against home-grown managers?
他们有机会对抗本土经理人吗？
Zhang kun is the rock star of Chinese fund management. His name often makes headlines; whole articles are dedicated to his investment calls. Investors vie to get into his funds, one of which has reportedly delivered a return of 700% since it was launched eight years ago. He is among a growing number of managers who generate more hype than the firms that employ them. With personalities like Mr Zhang on its payroll, e-Fund, a state-owned investment group, hardly needs to advertise.
张坤是中国基金管理界的巨星。他的名字经常成为头条新闻，整篇整篇的文章都是关于他的投资电话。投资者争相认购他管理的基金，据报道，其中一只基金自8年前推出以来的回报率达到了700%。越来越多的经理人的名声比雇佣他们的公司的名声还要大，张坤就是其中之一。国有投资集团易方达雇用了张勇这样的人物几乎都不用做广告。
Now a swathe of foreign firms hopes to take on Mr Zhang and his ilk by entering China's asset-management industry. Last month Goldman Sachs, a Wall Street bank, announced a wealth-management venture with icbc, China's largest commercial lender by assets. BlackRock, a giant American asset manager, will join forces with China Construction Bank (CCB). Amundi, a French firm, has linked up with Bank of China and Schroders, a British investment group, with China's Bank of Communications. In March JPMorgan Asset Management said it would buy a 10% stake in China Merchant Bank's wealth business. Nearly 20 global investors are setting up fundmanagement firms; others are launching private securities funds.
现在，许多外国公司希望进入中国的资产管理行业，与张勇及其同行一较高下。上个月，华尔街银行高盛宣布与中国资产规模最大的商业银行中国工商银行合资成立财富管理公司。美国资产管理巨头贝莱德将与中国建设银行联手。法国公司Amundi与中国银行合作。英国投资集团施罗德与中国交通银行合作。今年3月，摩根大通资产管理公司表示将收购中国招商银行财富业务10%的股份。全球近20家投资者正在设立基金管理公司，其他公司则推出私人证券基金。
The prize is access to a pot of money worth 120trn yuan ($18.8trn), which includes investments made by everyone from the average saver to the ultra-rich in mutual funds, trusts, wealth and other asset-management products. Though the pool of funds is smaller than in the West—asset managers in North America oversaw $59trn last year, according to PWC, an accounting firm—it is expected to expand rapidly. As more people grow comfortable giving their money to managers instead of picking stocks or buying property, China's pot could nearly treble, hitting 320trn yuan by 2030, reckons Oliver Wyman, a consultancy. But foreigners' attempts to crack other parts of China's financial market have yielded underwhelming results. Could this time be different?
奖励是获得价值120万亿元人民币(18.8万亿美元)的巨额资金，其中包括从普通储户到超级富豪对共同基金、信托、财富和其他资产管理产品的投资。尽管资金池比西方要小——据普华永道会计公司称，去年北美的资产管理者管理了59万亿美元——但预计将迅速扩张。奥纬咨询估计，随着越来越多的人愿意将他们的资金交给基金经理，而不是选择股票或购买房地产，中国的投资总额将接近三倍，到2030年达到320万亿元。但外国投资者进军中国金融市场其它领域的努力收效甚微。这一次会有所不同吗？
译文由可可原创，仅供学习交流使用，未经许可请勿转载。
