2021年经济学人 外资银行抢滩中国市场,生存几何?(1)（在线收听）

Asset management

资产管理

Chasing a pot of gold

追逐一罐黄金

Foreign financial firms are looking to tap into China's vast pool of savings.

外国资产管理公司盯上了中国的巨额存款

Do they stand a chance against home-grown managers?

它们有可能战胜本土竞争对手吗？

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明星。他的名字常常登上新闻头条；整篇整篇的报道谈论他的投资决策。投资者争相认购他管理的基金——据报道，他的一只基金自八年前推出以来实现了700％的回报率。如今，像张坤这样风头盖过了自己任职的公司的基金经理越来越多。有了张坤这样的明星员工，国有投资集团易方达几乎都不用做广告。

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，与张坤及其同行一较高下。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工商银行成立合资理财公司。美国资产管理巨头贝莱德将与中国建设银行联手。法国公司东方汇理、英国投资集团施罗德分别与中国银行、中国交通银行建立了合作关系。今年3月，摩根大通资产管理公司表示将收购招商银行理财子公司10％的股份。近20家全球投资公司正在中国设立基金管理公司，另一些则在推出私募证券基金。

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?

进入中国资产管理行业的好处是能接触到其中120万亿元人民币（18.8万亿美元）的巨额资金，包括从普通储户到超级富豪的各色人等对共同基金、信托产品、理财以及其他资产管理产品的投资。尽管这一资金规模小于西方——会计公司普华永道称北美的资产管理公司去年管理着59万亿美元的资金——但预期会迅速扩大。奥纬咨询估计，随着越来越多的人更放心把自己的钱交给投资经理，而不是自己选股或买房产，到2030年，中国的资金规模可能增加近两倍，达到320万亿元。但是，外国公司试图打入中国金融市场其他领域的尝试都没有得到令人满意的结果。这次会有所不同吗？