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北京赛车开奖网站:Asset Allocation Managers Are Out Loud: The Diversification of Private Equity Diversification Will Coming

时间:2018/4/10 18:17:13  作者:  来源:  浏览:0  评论:0
内容摘要: Accompanied by the regulatory upgrade of private equity institutions, the related institutional construction has also been accelerated.21st...

Accompanied by the regulatory upgrade of private equity institutions, the related institutional construction has also been accelerated.

21st Century Business Herald learned from the China Securities Investment Fund Industry Association (hereinafter referred to as China International Liaison Association) that the Chinese National Fund Association has heard about the establishment of a private equity “asset allocation” fund manager at the 4th meeting of the 2nd Board of Directors. (hereinafter referred to as asset allocation manager) reports on related matters.

One private equity person close to CYIS said that this progress means that the days of asset allocation becoming one of the private sector classification registration options are accelerating.

According to the current private equity registration arrangements, private equity investment operations must focus on their own type; and the asset allocation private placement is of significance because it can cross a variety of underlying assets, to promote the enrichment of private equity market varieties.

The above meeting also revealed that, after the details of the implementation of the asset allocation manager are clear, it is expected that the registration requirements will be released as soon as possible.

According to an exclusive report from a 21st Century Business Herald reporter, apart from the type of asset allocation, it is not ruled that the regulator will also categorize the classification options of private equity fund managers and other more private equity institutions. This indicates that traditional “securities, equity” II The era of Yuanhua’s private equity classification registration will soon become a thing of the past.

Forms of Channel Organizations

The "Asset Managers" of private equity firms are either categorized or are waiting for them.

21st Century Business Herald was informed that the above-mentioned meeting of the China National Economics Association proposed that "for the private fund manager member institutions with different investment types of asset allocation requirements, study the type of manager of the additional 'private asset allocation fund manager' and corresponding The type of private equity funds will be published as soon as possible after the implementation details are clear.”

“Last year's proposal for the addition of asset allocation managers has been in brewing, and the association has also passed many Times," said a major private equity investment manager in Beijing.

The reporter was informed that the establishment of the type of asset allocation manager can play two roles, first of all to achieve coverage of the entire market by such private placement agencies.

Under the current system, the classified registration of private placements is mainly reflected in the private equity of securities on the floor and the private equity of off-equipment assets. After the private equity registration system was upgraded in April of last year, certain types of private equity managers need to Its business is "franchised" and may not launch other types of products.

However, under the type of asset allocation, the entire market may be covered by investment varieties.

"Asset configuration focuses on 'configuration' rather than 'transactions', focusing on the dispersion of risk, and its risk-yield curve is smoother than a single type, so deploying to different areas will be its main strategy." An investment manager said.

Second, the establishment of an asset allocation manager type can guide channel agencies to become trustees, thereby strengthening the fiduciary responsibility of the sales organization.

“The third-party wealth era has led channel agencies to play a very big role in private equity fund raising, but if it is only a consignment relationship, then the legal responsibility for the product after the problem will not be so clear.” The person in charge of the fund's subsidiary said, “On the contrary, if the identity of asset allocation managers of channel agencies can be given, these channels can strengthen their own image through the identity of the manager, and they can also internalize agency sales into trusteeship, strengthening the trust of channel agencies. Responsibility.”

Enrichment in transit

The asset allocation manager is not the end of the regulatory layer to enrich the private product line. The 21st Century Business Herald’s exclusive reporter learned that the supervisory level has also studied and discussed the types of private equity management in different fields, such as the parent fund, , and so on.

Some people in the industry believe that the possibility of private equity fund becoming a type of manager is relatively high.

“In addition to asset allocation, there are more types of private equity institutions that need to be studied, such as artworks, commodities, real estate, or parent funds.” On April 3, a person in charge of a private equity organization close to the China Foundation for Basic Technology stated: “ At present, the probability of a private equity fund becoming a specific type of manager is relatively high.” In fact, private equity funds have been tried by many third-party wealth sales agencies such as Noah and Hengtian earlier. Many parent fund institutions have also established a communication mechanism with China Infrastructure Foundation; at the same time, many local governments often adopt private equity funds when they initiate industry guidance funds.

However, as of now, private equity funds have not become a type of manager in the private placement filing system.

“At present, the registration of parent funds is mostly reflected in equity investments, because under the problems of the three types of shareholders, many equity sub-funds are embodied as company-type or partnership-type private funds, so they can also be considered as equity private equity. "A person operating a private equity fund pointed out.

“In terms of investment objectives, underlying assets, and risk management, there is still a difference between private equity funds and equity funds.” The head of the above private equity organization stated that “other current filing forms also restrict the primary and secondary markets. The issue of fund investment at the same time, so the establishment of the parent fund manager also has the industry's internal needs.”

Among the many types of managers that may emerge, whether or not they can maintain private placement for financing is also a concern of the market.

According to the above-mentioned person in charge of the private equity organization, there is little possibility that the supervisory level will specifically “open up” for private placements of financing under the general direction of the “return to origin” of the asset management industry.

"Do not rule out that the new type may point to artworks, goods, and real estate, but this is an equity investment, emphasizing active management capabilities. Even if some assets lack fair pricing, there are still some ways to reflect the net value. It is no longer possible to redeem the proceeds as expected in the past," said the person in charge of the private equity agency. "So even if a new type of manager is opened up, the large probability of private equity financing for non-standard debt will still be contained by the regulator."

And with the increase in the types of private equity institutions, the current securities and equity dichotomy The private-equity registration mechanism will gradually become a thing of the past.

“Previous private equity franchise was the initial form of regulating industry chaos. After industry regulation, it created institutional conditions for enriching the types of private equity products. It is not only a requirement for respecting the laws of self-regulation and supervision, meeting the needs of market development, but also promoting the standardized management of product types. "The request." said the person in charge of the above private equity agency.


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