内地资管热衷香港9号牌照的趋势仍将持续

范文启

董事兼行政总裁

东英投资管理

【嘉宾简介：范文启先生为东英投资管理有限公司（开曼）董事兼东英资管的行政总裁，负责公司整体策略。范文启先生在私募、组合型基金有超过15年的专业金融及策略经验，也曾在东英金融投资有限公司(香港上市的投资公司)担任孵化基金总监及投资者关系部门主管，负责监管公司和股权投资组合。在加入东英金融集团之前，范文启先生曾在私募股权基金工作，专注不良资产管理投资。范文启先生2006年毕业于加拿大西安大略大学艾维商学院，获得工商管理硕士学位。】

财视中国：能否简单介绍一下东英资管以及您的投资策略？

Alvin Fan：So OPIM is part of a large group called Oriental Patron Financial Group, which has 25-year history in Hong Kong, helping Chinese companies access offshore markets. So OPIM is the latest asset management platform built out of this mission. Before we were helping smaller companies access capital markets in Hong Kong, now we are helping Chinese and Asian hedge funds access capital offshore globally. So the very purpose is to help look for the next national champion, look for the next great investment manager and present them to the world.

范文启：东英资管隶属东英金融旗下，后者成立已有25年，主要帮助中国公司进入离岸市场。出于这一使命，资产管理平台——东英资管诞生。过去我们帮助小公司进入香港的资本市场，现在我们帮助中国乃至亚洲的对冲基金进入全球离岸资本，因此我们的目标是寻找优质国内资产、寻找好的投资经理，并帮助他们融入世界。

财视中国：东英资本与其他平台有哪些不同？

Alvin Fan：So in terms of presents for one, we are the leading one, the leading platform in Hong Kong right now. We’ve been the best platform in Asia for 2 years right now, and a big part of that is because of our single mind focus and complete intense leisure focus to running a hedge fund platform. We are not a bloker attending to the platform, we are asset manager, and this is important for investors because we speak the same language. And a big part of what we do is helping emerging managers from China and rest of Asia, translate their investment of process from local language into an institutional language. This sort of motivation and this mechnaism is really made difference in helping managers giving presents of market. 
The second thing, of course is we are a Chinese company in culture, we are a Hong Kong company in establishment, so this really helps us bridge the best of both worlds: the great talent in China combine with access to global capital.

范文启：在引入方面，东英资管目前在香港的平台处于领导地位，也是亚洲这两年来最好的平台。这是源于我们对于对冲基金平台运营的极度专注和热情。不只是关注这一领域，我们是资产管理者，这对投资者而言非常重要，因为我们与他们使用同一种语言。东英资管主要是帮助中国及亚洲的管理者，把他们当地的投资语言翻译为规范制度下语言，这与单纯将管理者引入市场有很大不同。
其次，东英资管在文化上是中国公司，又设立在香港，这确实有助于我们在中国的人才与全球的资本之间搭建桥梁。

财视中国：您如何看待中国内地私募热衷香港9号牌照的趋势？

Alvin Fan：Yeah, it’s just going to continue. If you look at the last two years, the number of applicants for the type 9 license in Hong Kong has grown double deged. A large percentage of that are from mainland Chinese asset managers looking to register in Hong Kong. It becomes problem pointing where there is now a waiting list which has extended the process in some cases over a year. This is particular difficult for managers to looking to launch product because very seldom do you have view the market when you old, and launching your product at a time when you have the ability is very very critical to the success of the product. The first few years of tropic is absolutely vital to the success. So if you end up launching, let’s say there is delay, you end up launching late in the market, you may end up either launching at the peak or join the time where the liquidity is not really favorable; you may end up really hurting your capital reason efforts and for first couple of years, and we scene listen in some of the early adopters come at Hong Kong. 

范文启：这种趋势还会持续。过去两年，香港申请9号牌照的人增长了一倍，其中有很大一部分是想要在香港注册的内地资管。现在排队名单上的某些过程要被延长到一年已经成了问题，这就给管理者启动产品带去了很大困难，因为时间拖得越久，去看市场的人会越少，而在你有能力时启动产品，对于产品的成功非常关键，因为一个周期的头几年对结果成功至关重要。如果你在市场上延迟了产品的启动时间，那么你的实际启动时间可能会在高峰，也可能赶上流动性不太好的时候，结果可能会损害到你在过去数年积累的资本金，并且我们可以看见并听见一些采纳这一理论的投资者来到了香港。

Alvin Fan：Now the long term trend for type 9 registration is just to go up partly because of the desire for investors in China to come offshore, and also the desire for, or demand of global investors for Chinese products. Now with capital controls, they can access China directly unless carefully. So the only way they can access is to practice out Hong Kong. And where the regulation and the rough law is well established. And so with that trust there, investors, their first core is going to be in Hong Kong, looking for great managers. It’s really up to both sides to bridge that camp, from the investors to make the effort to come out of Asia, and then for the managers in China to come out of Hong Kong, and build a structure that is portable and attractive for them, and this is OPIM is trying to do, or try to help them to build the store shop, to build the business side, or they just focus on the trading and we help them to build up the business.

范文启：从长期来看，注册9号牌照将呈上升趋势，这是因为中国投资者想设立离岸，也因为国外投资者对中国产品的需求。现在随着资本管控，他们只有小心谨慎才能直接进入中国，因此唯一的途径就是通过香港，以及其他建立起规章制度和基本法律的地方。在这种情况下，投资者的首要目标就是去香港寻找管理人。这就取决于双方桥梁的搭建，投资者努力走出亚洲、中国管理者走出香港，然后建立一个便捷、有吸引力的结构，而这正是东英资管试图在做的，或者努力帮他们建立商店、业务，也可能是他们专注于交易，我们帮助建立业务。

财视中国：您如何选择合作的基金经理？比较看重哪些特质？

Alvin Fan：It really depends on, I mean we look at managers from almost any different backgrounds. Financial background is obviously gonna to be the most natural, but then you have sell-side versus buy-side background. The sell-side background typically finds management a little bit more challenging because many of them have not the experience of running the portfolio, and have not practiced running a portfolio where as buy-side inherently has this skill. In both cases you have great research, great research on the buy-side and great research on the sell-side. But making that transition over from sell-side to buy-side, it can be quite challenging. A big part of that is because managers who are on the sell-side are used to being in the flow, meaning that they can see where the market is moving, and they turn to give a higher attribution to their talent when they are making money for clients, when in fact a lot of these because they have access to the information. Once you put them into the buy-side, it’s a little bit more vacuum, and you need to rely more on your research skills, more on you investment process, and that can be challenging. 

范文启：我们选择基金经理时会参考多个背景。首先自然是金融背景，接下来就要考虑卖方和买方背景。对卖方而言，管理会更具挑战性，因为他们中的多数都没有运营投资组合的经验，也没有实践过，而买方天生有这种技能。这两种情况下你对买方和卖方都有很好的研究，但从卖方转向买方还是相当具有挑战性的。一大原因是卖方经理习惯了处于流动状态，意思是他们可以看到市场在向哪里移动，而且当他们在为客户赚钱时，他们常常归因于自身优秀的天赋，而事实上是由于他们能接触到的信息所致。一旦把他们置于买方，就有了更多真空地带，你需要更多地依赖于你的研究技巧、投资过程，这是很有挑战性的。

Alvin Fan：We also look at managers who come from non-financial backgrounds. We see for guys engineers, who are computer specialist mac engineer, we’ve looked as poker players, who have apply the same view of their game or their own industry applied to the markets and seem to work very well. The principles of many of these disciplines are actually quite similar, so it’s not surprising, and this is at all unusual. In the stage we have great managers like as all who used to be a poker player has focus lots of his attention on the casinos and his early days use those skills sets to be a great investment manager. So we are quite nostique. The most important thing of course is attitude, the most important thing is willingness to learn, to grow, to court your business. Just having a performance is minimum acquirement. It’s not an exception to marketing, or exception to how you build the whole package. Minimum acquirement is, or the performance is the minimum acquirement. From there we can build the business surround, for example, if our to be a great chief, like I can cook a great bowl of noodles, right? Having your friends come over and sharing the noodles is fine, but setting up a shop to sell distribute, to have consistence in product is completely different. You need the team, you need the location, you need someone to count the money at cashier, someone to serve properly, and to build the entire experience around the product. The bowl of noodles is just the minimum requirement, everything else is what we do.

范文启：我们也会关注非金融背景出身的基金经理。我们寻找电脑专家，把他们看做扑克玩家，而他们对自己的工作或者用于市场的产业也持同样观点，并且工作得很好。这些学科的原理其实非常相似，因为我们的很多优秀经理就类似于扑克玩家专注于赌场，而这些早年经历带给他们的技巧，会帮助他们成为一流的投资经理。所以最重要的是态度，愿意去学习、成长、管理生意。相对来说业绩是所有特质中最后才关注的，这一标准在市场营销、经营商业上都不例外。例如，我是厨师，可以做出好吃的面，请朋友过来分享是一回事，但开店就是另一回事了。你需要团队、选址、收银员、服务员，还要建立一整套围绕产品的商业系统的经验。一碗面只是最基本的需求，我们还需要做许多事。

责任编辑：小蒹