KPMG2004中国合资企业投资管理分析报告

©2004TheEconomistNewspaperLimitedSino-foreignjointventuresinfundmanagement:Ittakestwototango1Sino-foreignjointventuresinfundmanagement:IttakestwototangoAnindustryreportseriesexclusivelywrittenforKPMGChinaandHongKong©2004TheEconomistNewspaperLimited2Sino-foreignjointventuresinfundmanagement:Ittakestwototango©2004TheEconomistNewspaperLimitedSino-foreignjointventuresinfundmanagement:Ittakestwototango3Sino-foreignjointventuresinfundmanagement:IttakestwototangoEconomistCorporateNetwork6001CentralPlaza18HarbourRoadWanchai,HongKongTel(852)25853888Fax[phone]©2004TheEconomistNewspaperLimited4Sino-foreignjointventuresinfundmanagement:IttakestwototangoAcknowledgementsTheauthorwouldliketoofferaspecialnoteofgratitudetoBonnLiu,apartnerinKPMG’sFinancialServicesPractice,forhisfeedbackandhiscontributiontothecharts,tablesandappendicesonthestateofChina’sfundmanagementindustry,itsregulatoryaspectsandalistofallthejointventurefirmsthathavebeenestablishedinChina.Shewouldalsoliketothankthebusyexecutiveswhomsheinterviewedonaone-on-onebasisinHongKongandShanghai.Manyoftheseexecutives,whosenameswillnotbedisclosedhereforconfidentialityreasons,areeitherCEOsorseniormanagersoftheirrespectivefirmsbasedinbothcities.ThefundmanagementcompaniesinHongKongthatwereinterviewedareallforeign-ownedfirmscomingfromvariouscountries.ThanksalsogotoCoudertBrothers,theEconomistIntelligenceUnitandHewittAssociatesforsomeoftheinformationquotedinthetextofthisreport.SpecialthanksgotoDuncanWrigleyofEconomistCorporateNetworkforhisdeskresearchandcontributiontothepartsonChina’smacrooutlookandthedevelopmentofpensionfundsandthefundmanagementindustryinChina,aswellasTaniaShaoandMeganHoofEconomistConferencesfortheiradministrativesupport.Withoutallthissupport,itwouldhavebeenimpossibletocompletethisreport.ConnieBolland,RegionalEconomistofEconomistCorporateNetworkbasedinHongKong,istheauthorandtheeditorofthisreport.Copyright©2004TheEconomistNewspaperLimited.Allrightsreserved.Neitherthispublicationnoranypartofitmaybereproduced,storedinaretrievalsystem,ortransmittedinanyformorbyanymeans,electronic,mechanical,photocopying,recordingorotherwise,withoutpriorpermissionofTheEconomistNewspaperLimited.DisclaimerAlltheinformationinthereportisverifiedtothebestoftheauthor’sandthepublisher’sability,butneithercanacceptresponsibilityforlossarisingfromdecisionsbasedonthesereports.Whereopinionorviewisexpressed,itisthatoftheauthor’s,whichdoesnotnecessarilycoincidewiththeeditorialviewofEconomistCorporateNetwork,theEconomistIntelligenceUnitoroftheEconomistNewspaperLimited.©2004TheEconomistNewspaperLimitedSino-foreignjointventuresinfundmanagement:Ittakestwototango5Tableofcontents7Executivesummary8I.Macroeconomicoutlook:expectstronggrowthwithmoderateinflation9II.PensionneedinChinaamidanageingpopulation12III.China’sfundmanagementindustry:arelativelyyoungsector16IV.Theworldaccordingtoforeignfundhouses:twodiametricallyoppositecamps161.Thebull’sstory192.Thebear’sstory21V.TheworldaccordingtotheChinesefundhouses:pricingisthekeystumblingblock24VI.Conclusion:pricing,patienceandpersistencearethekeysuccessfactors25Appendices25Appendix1:ListoffundmanagersinChina26Appendix2:OverviewofSino-foreignJVplayersinDecember200327Appendix3:ApplicationandapprovalprocessofaSino-foreignJVfundmanagementfirm©2004TheEconomistNewspaperLimited6Sino-foreignjointventuresinfundmanagement:Ittakestwototango©2004TheEconomistNewspaperLimitedSino-foreignjointventuresinfundmanagement:Ittakestwototango7ExecutivesummarySino-foreignjointventuresinfundmanagement:ittakestwototangoChina’sfasteconomicgrowthandhighsavingsrate,alongwithalackofdiversityandsophisticationofinvestmentoptionswithinChina,presentsgoodbusinessopportunitiestoforeignfundmanagementfirmsseekingtodeveloptheChinesemarket.China’shugeneedforpensionprovisionsmakesagoodmarketcaseforpensionfundproviders,givenitsageingpopulationandhighdependencyratiounderthecountry’sonechildpolicy.Rightnow,however,themajormeansbywhichforeignerscanenterChina’sfundmanagementindustryisviatheformationofjointventureswithlocalfirms.Foreignownershipislimitedtoamaximumof33%oftheresultingentities,risingto49%bytheendof2004.Thisrestrictionpresentsproblemstothoselookingforfullcontrolofthejointventurebusinesses,inparticular,theAmericanfirms,astheydonotfeelthattheywouldbeabletohavecompletecommandovertheperformanceoftheirfundsunderthisrule.Bycontrast,Europeanhousesseemtobelessconcernedaboutthisrule,atleastintheinitialstage.ThosewhichhaveexperienceinoperatinginChinaaremorereadytotakeonthechallengesandsecuredealswiththeirChinesepartners.Pricing,patienceandpersistencearecriticaltosuccessinsecuringjointventurepartnersinnegotiations.ForeignhousesneedtomatchtheircorporatestrategieswiththeirChinastrategiesandknowwhatsortofChinesepartnerstheyneed.Afterall,foreignershopetotapintoChina’svastdomesticmarketandhugesavings.Chinesefirms,however,seektoraisetheircompetitivenessandmarketimagebylinkingupwithinternationalfirmswithgoodbrandnames.Theyexpecttheirforeigncounterpartstotransfertechn