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CFA杂志 - A Start of Something Big

来源：高顿网校 2014-11-19

　　China’s move to deregulate its alternative asset management industry is paying off—both for fund managers courting the country’s wealthy potential clients and for investors seeking to diversify their holdings.

　　In the year since the opening of the industry, the Asset Management Association of China (AMAC) has registered about 3,563 private fund managers. Collectively, these managers run 5,232 funds

　　with assets totaling RMB1.98 trillion (US$322.3 billion).

　　Thousands more licensing applications are in the works,according to AMAC, which is the self-regulatory body established to oversee the alternative asset industry on the mainland.China’s liberalization of its asset management market enables it to breed one of the world’s most vibrant private fund management businesses, which could eventually account for a large chunk of the US$70 trillion global fund management industry.

　　Since the passage of the Securities Investment Fund Law in June 2013, more managers are opening their own securities trading accounts and running their own hedge fund platforms, abandoning the traditional structure of managing assets through government-backed trust funds.

　　“The regulation is geared for Chinese local managers that want to do business locally or go overseas. The registration lends more credibility for these fund managers, especially when they do business with international investors,” says Joseph Zeng, CFA, partner at Greenwoods Asset Management,which manages more than US$4 billion in assets.Given the pace of wealth creation in China, the development was good news for the country’s high-net-worth investors and family offices. The lack of investment options has long been a challenge in the development of China’s capital

　　markets, with choices for Chinese investors limited to bank savings, stocks, bonds, and property. Regulated hedge funds will give these investors easier access to new products and instruments and a chance to further diversify their portfolios.In 2013, hedge funds in China achieved some of the best returns in the world, with the average hedge fund gaining more than 19%, according to research firm Eurekahedge.

　　This performance came in a year when the Shanghai stock market contracted nearly 7% in value and was among the worst-performing markets in the world. Even with such recent success among hedge funds, the reforms have a long way to go in transforming China into a major asset management hub. “There are still many uncertainties in the onshore management sector in China. We need much more clarification from the CSRC [China Securities Regulatory Commission] and the tax authority about what hedge funds are allowed to do,” says David Walter, the Singapore-based director of US-based fund-of-funds manager Pacific Alternative Asset Management Company (PAAMCO).

　　“The currency capital account [situation in China] isn’t helping,” adds Walter, who predicts the asset management business in China will evolve in tandem with the opening up of China’s broader capital markets.Global institutions and international fund managers,however, are keeping tabs on the developments in the industry. They see these funds as a potential way to gain access to more than 2,500 companies listed on the mainland.

　　Traditional hedge funds that run Chinese strategies outside China are sometimes limited to trading only 160 or so Chinese firms listed in Hong Kong, the United States,or the European Union.

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cfa备考热门问题解答

cfa证书就业岗位有哪些？: cfa考完后可以从事的工作包括公司会计、基金经理助理、投资管理师、股票研究分析师、基金分析师、投资产品分析师、券商助理分析师、交易员等。在全球范围内，cfa会员的雇主包括了摩根大通、汇丰银行等机构。

cfa考试内容有哪些？: cfa考试分为三个等级，cfa一级和二级考试科目包括《职业伦理道德》、《定量分析》、《经济学》、《财务报表分析》、《公司理财》、《投资组合管理》、《权益投资》、《固定收益投资》、《衍生品投资》、《其他类投资》。cfa三级考试科目包括《经济学》、《投资组合管理》、《权益投资》、《职业伦理道德》、《固定收益投资》、《其他类投资》、《衍生工具》。

cfa一年考几次？: cfa每年考试的次数每个级别均有不同，其中CFA一级考试每年设置四次，CFA二级考试每年设置三次，CFA三级考试每年设置两次。需注意，协会规定考生必须要按照CFA考试的三个级别，依次进行报考，且报考两个级别考试的窗口之前需至少间隔6个月。

cfa的含金量如何？: CFA证书全称Chartered Financial Analyst（特许注册金融分析师），是全球投资业里最为严格与高含金量资格认证，为全球投资业在道德操守、专业标准及知识体系等方面设立了规范与标准，具有较高的知名度和影响力。英国的国际学术认证中心，还将持有CFA证书视为拥有硕士学历水平，能让想进修的金融专业人士，充分学习等同于金融硕士的知识课程。此外，人民日报三年内连续四次推荐CFA证书！因此，无论是从国际知名度还是国内知名度来说，CFA资格认证的含金量和认可度都是非常高的。

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