行业人士对香港基金管理方案抱有疑虑

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行业人士对香港基金管理方案抱有疑虑

天之聪教育 2013-04-16 天之聪教育 387次

行业人士对香港基金管理方案抱有疑虑

Scepticism over Hong Kong fund management plans

Proposals to attract more fund managers to Hong Kong are likely to have a limited impact without a “passport” to allow funds to be sold offshore or at least mainland China, according to executives in the industry.

基金行业的管理层人士表示，吸引更多基金管理机构到香港注册运营的提议，很可能只会产生有限影响，除非政府给出允许基金离岸、或者至少在中国内地销售的通行证。

Fund management executives and industry experts in the city said there were limited reasons to make Hong Kong the domicile for a fund unless it were meant to be sold into the local mandatory pension scheme. They also doubt that many jobs would be created even if more funds used Hong Kong as their legal domicile.

香港的基金管理业高层以及行业专家表示，吸引基金将香港作为注册地的理由有限，除非香港本地的强制性养老金计划能够投资于此类基金。他们还怀疑即便有更多的基金将香港作为法定注册地，也不一定能创造出大量就业机会。

John Tsang, Hong Kong’s financial secretary, in February launched reform proposals that would reduce taxes on private equity funds and open-ended investment companies. The government says only 300 of 1,800 funds sold in Hong Kong are domiciled there and that just one-quarter of staff work in frontline money management or research.

香港财政司司长曾俊华(John Tsang)今年2月提出改革提案，建议降低私募股权基金和开放式投资机构的税负水平。香港政府表示，目前在香港市场销售的1800支基金中，仅有300支在港注册，而香港基金行业中只有约四分之一的员工在前线从事资产管理或研究工作。

Julia Leung Fung-yee, undersecretary for financial services and the treasury, told a local paper last week that for every additional fund manager the reforms attracted, about 4.5 other professional services and support jobs would be created.

香港财经事务及库务局副局长梁凤仪(Julia Leung Fung-yee)上周对香港本地一家报纸表示，改革计划所能吸引到的每个新增基金经理职位，将创造出大约4.5个其他专业服务以及支持性工作岗位。

However, Mark Konyn of Conning Cathay Asset Management, a Hong Kong based investment manager, said Hong Kong investors already had a wide choice because they had open access to funds domiciled in Luxembourg, Dublin or other places that supported the European Ucits fund passport, which allows investment funds to be sold into different countries. Mr Konyn said that a proposal to create mutual recognition of funds based in Hong Kong and mainland China would be much more significant a move.

但国泰康利资产管理有限公司(Cathay Conning Asset Management)的康礼贤(Mark Konyn)表示，香港投资者现已拥有广泛的选择空间，因为他们能够自由选择在卢森堡、都柏林或者在支持欧洲可转让证券集体投资计划(Ucits)基金通行证的其他地区注册的投资产品，在这些地区成立的基金可以在不同国家销售。康礼贤表示，如果政府能够提议推动香港和中国内地互相承认对方境内成立的基金，则有可能产生更大影响。国泰康利是一家总部设在香港的投资管理机构。

“If that were approved, there would be a big uptick in funds domiciled here as the short-cut into China,” he said.

康礼贤称：“如果这一提案能获通过，在香港注册的基金数量将显著上升，因为这将成为进入中国内地市场的一条捷径。”

Meanwhile, Keith Pogson, head of the Asia financial services practice at Ernst and Young in Hong Kong, believes that most of the big fund houses already have plenty of front line staff in Hong Kong.

安永(Ernst and Young)驻香港的亚洲金融服务主管包凯(Keith Pogson)则认为，绝大多数大型基金公司在香港已经拥有了足够数量的前线员工。

“A lot of managers do have big dealing teams in Hong Kong particularly in equities,” Mr Pogson said. “But those managers do not necessarily want to domicile their funds in Hong Kong because the activity here is part of a global fund.”

包凯称：“大量基金公司已在香港设立了大型交易团队，对于股票型基金来说尤为如此。但这些投资管理机构并不一定希望把自己的基金产品在香港注册，因为在香港的经营活动只是其全球化运营的一部分。”