收費(fèi)模式將提振亞太ETF市場(chǎng)

While regulators in the US fret that the pace of growth in the exchange traded fund market may be too explosive, their counterparts in Asia along with asset managers and distributors sweat over what more can be done to raise investor interest.

在美國(guó)監(jiān)管機(jī)構(gòu)擔(dān)心交易所交易基金(ETF)市場(chǎng)增速可能太快的同時(shí)，他們?cè)趤喼薜耐幸约百Y產(chǎn)管理公司和分銷(xiāo)商卻忙著考慮還有什么辦法可以提高投資者的興趣。

As US ETF assets under management passed the $3tn mark this summer, AUM in the Asia-Pacific industry just managed to creep over $350bn.

今年夏季，美國(guó)ETF管理的資產(chǎn)規(guī)?？邕^(guò)3萬(wàn)億美元大關(guān)，亞太ETF行業(yè)管理的資產(chǎn)僅成功爬上3500億美元關(guān)口。

Between 2015 and 2016, the US market grew by 20 per cent, while the Asian market increased by just 10 per cent. There are two ways to look at the relatively modest size of the Asian ETF market compared with both the US and Europe — which is twice as big as Asia, with $716bn in ETF assets — say analysts.

從2015年至2016年，美國(guó)ETF市場(chǎng)增長(zhǎng)20%，而亞洲市場(chǎng)僅擴(kuò)大10%。分析師們表示，從兩個(gè)角度可以看出亞洲ETF市場(chǎng)的規(guī)模不及美國(guó)和歐洲：后者的市場(chǎng)規(guī)模是亞洲的兩倍，ETF管理的資產(chǎn)規(guī)模為7160億美元。

The first is to view Asia as a market that has proved resistant to rapid development and will require significant structural and regulatory change before taking off. The second sees the possibility of sudden upside surprise.

第一種是把亞洲視作一個(gè)被證明為排斥快速發(fā)展的市場(chǎng)，在起飛之前需要重大結(jié)構(gòu)和監(jiān)管改變。第二種是看到突然出現(xiàn)上行驚喜的可能性。

One difficulty in assessing the potential for ETFs in Asia, say experts at the largest asset management houses, is both the disproportionate size of the Japanese market within the region and the role played by the Bank of Japan, which distorts the market as it buys ¥6tn ($54bn) of ETFs a year.

各大資產(chǎn)管理公司的專(zhuān)家們表示，評(píng)估亞洲ETF潛力的難題在于日本市場(chǎng)在地區(qū)所占比重過(guò)大，以及日本央行(Bank of Japan)扮演的角色過(guò)大。日本央行每年購(gòu)買(mǎi)6萬(wàn)億日元(合540億美元)的ETF，這扭曲了市場(chǎng)。

With assets under management of $200bn, according to Nomura Securities, Japan’s ETF market is about $50bn larger than all other Asia-Pacific ETF markets put together. At the end of August, the market value of the BOJ’s ETF holdings was $175bn.

根據(jù)野村證券(Nomura Securities)的數(shù)據(jù)，日本ETF市場(chǎng)管理的資產(chǎn)規(guī)模為2000億美元，比亞太其他所有ETF市場(chǎng)的總規(guī)模還要高出約500億美元。8月底，日本央行持有的ETF資產(chǎn)的市值為1750億美元。

Through an ETF buying programme that has been criticised by some as the “de facto nationalisation” of the Japanese stock market, the central bank indirectly holds a 10 per cent stake in some 22 large Japanese companies and about 3 per cent of the whole Japanese stock market.

通過(guò)ETF購(gòu)買(mǎi)計(jì)劃，日本央行間接持有約22家日本大企業(yè)10%的股權(quán)，并持有整個(gè)日本股市的3%左右。一些人批評(píng)稱，這是對(duì)日本股市“事實(shí)上的國(guó)有化”。

Meanwhile, there are other factors holding back the Asian ETF market that some sceptics fear will hold back development of the retail side.

與此同時(shí)，還有其他因素在掣肘亞洲ETF市場(chǎng)，一些懷疑者擔(dān)心，這些因素將阻礙散戶市場(chǎng)的發(fā)展。

There are, for example, clear differences in the way the products are pitched to investors in the US and Asia. A high proportion — some estimate 90 per cent — of funds in Asia are commission-based. This disadvantages ETFs because they are openly traded on stock exchanges and are not structured to pay commissions to banks, brokerages or financial advisers that might recommend them, unlike the mutual fund industry in the region.

例如，美國(guó)和亞洲向投資者推介產(chǎn)品的方式存在明顯區(qū)別。在亞洲，很大比例的基金(一些人估計(jì)為90%)是以傭金為基礎(chǔ)。這對(duì)ETF不利，因?yàn)樗鼈冊(cè)诠善苯灰姿_(kāi)交易，在結(jié)構(gòu)上不便向可能推薦它們的銀行、券商或理財(cái)顧問(wèn)支付傭金，這與該地區(qū)的共同基金行業(yè)不同。

A vibrant ETF market would depend on the evolution of fee-based distribution networks. Mark Talbot, managing director of Asia-Pacific at Fidelity International, says the distribution infrastructure is holding back retail demand.

活躍的ETF市場(chǎng)將取決于基于收費(fèi)的分銷(xiāo)網(wǎng)絡(luò)的發(fā)展。富達(dá)國(guó)際(Fidelity International)亞太區(qū)董事總經(jīng)理陶博宏(Mark Talbot)表示，分銷(xiāo)基礎(chǔ)設(shè)施正抑制零售需求。

“Where ETFs have grown — in the US and Europe — there is a big ecosystem of financial advisers,” he says. “You need a more advisory model. But until you see people paying for advice rather than paying for commissions, it is hard to see when it will take off.”

“在ETF壯大的地區(qū)(美國(guó)和歐洲)，有一個(gè)龐大的理財(cái)顧問(wèn)生態(tài)系統(tǒng)，”他表示，“你需要一個(gè)更加依靠顧問(wèn)的模式。但在你看到人們?yōu)榻ㄗh付費(fèi)(而不是支付傭金)之前，很難設(shè)想它何時(shí)起飛。”

In the US, he adds, ETFs emerged into a market where there were lots of registered investment advisers incentivised to use lower-cost products for their clients.

他補(bǔ)充稱，在美國(guó)，在ETF興起之際，市場(chǎng)上有很多注冊(cè)投資顧問(wèn)，他們有動(dòng)力為客戶選用成本較低的產(chǎn)品。

Mr Talbot notes that regulators in Japan are encouraging fee-based sales with a new fiduciary code and other measures that will play to the low-cost appeal of ETFs.

陶博宏指出，日本監(jiān)管機(jī)構(gòu)正在鼓勵(lì)基于收費(fèi)的銷(xiāo)售模式，出臺(tái)了新的受信規(guī)則和其他措施，這些舉措將會(huì)增強(qiáng)ETF的低成本吸引力。

Regulators in other countries will draw lessons from the success or failure of the Japanese model.

其他國(guó)家的監(jiān)管機(jī)構(gòu)將以日本模式的成功或失敗為借鑒。

Elsewhere, Australia recently introduced reforms that have increased transparency around fund pricing, which has driven rapid growth in ETFs.

在其他地方，澳大利亞最近推出了提高基金定價(jià)透明度的改革措施，這推動(dòng)了ETF的快速增長(zhǎng)。

Marco Montanari, the head of passive asset management for Asia-Pacific at Deutsche AM, agrees that fundamental changes to distribution must be made before the Asian ETF market can move to the next level.

德銀資產(chǎn)管理公司(Deutsche AM)亞太區(qū)被動(dòng)型資產(chǎn)管理部門(mén)主管馬爾科•蒙塔納里(Marco Montanari)也認(rèn)為，在亞洲ETF市場(chǎng)邁向更高臺(tái)階之前，必須從根本上改革分銷(xiāo)制度。

“Australia stands out as a market that boomed when reform allowed it to switch from a commission-based model to a fee-based one,” says Mr Montanari. “This would be a game changer in Asia.”

蒙塔納里表示：“澳大利亞表現(xiàn)突出，它在從傭金模式轉(zhuǎn)為收費(fèi)模式后蓬勃發(fā)展。這將是一件改變亞洲ETF市場(chǎng)游戲規(guī)則的事情。”

Susan Chan, head of iShares Asia-Pacific at BlackRock, says ETFs are more popular among institutional investors in the region.

貝萊德(BlackRock)的iShares亞太區(qū)主管陳蕙蘭(Susan Chan)表示，ETF更受該地區(qū)機(jī)構(gòu)投資者的歡迎。

The retail side, she says, “is nascent and a mixed bag”. All countries in the region have a lot of work to do, she says, adding the Australian example has proven that regulatory changes can make a significant difference to generating pockets of interest.

她說(shuō)，零售業(yè)務(wù)“起步不久，好壞參半”。她表示，亞太所有國(guó)家都有大量工作要做，并補(bǔ)充稱，澳大利亞的事例證明，就吸引散戶興趣而言，監(jiān)管改變可以帶來(lái)顯著不同。

“All the regulatory bodies are looking to do this and more transparency is always welcome. But whether they get there is different,” she says. “Regulators talk about more transparency and lower fees but very little in terms of law.”

她說(shuō)：“所有監(jiān)管機(jī)構(gòu)都在考慮這么做，提高透明度始終是可喜的。但能否做到則是另一回事。監(jiān)管機(jī)構(gòu)談?wù)撎岣咄该鞫炔⒔档唾M(fèi)用，但在立法方面沒(méi)什么進(jìn)展。”

Even if Asian countries introduced regulation similar to that of thriving ETF markets elsewhere in the world, there are other hurdles. Mr Montanari says, for example, that most products presented to Asian investors relate to equities in their domestic market so the ETFs are not being used to give investors local exposure to foreign markets.

即便亞洲國(guó)家推出了在其他國(guó)家推動(dòng)ETF市場(chǎng)蓬勃發(fā)展的監(jiān)管措施，也仍存在其他障礙。例如，蒙塔納里表示，提供給亞洲投資者的產(chǎn)品大多與國(guó)內(nèi)市場(chǎng)的股票掛鉤，因此ETF沒(méi)有被用來(lái)讓投資者在國(guó)內(nèi)投資于外國(guó)市場(chǎng)。

Yan Pu, head of portfolio review in Asia at Vanguard, suspects the Asian product mix may be holding things back. For example, Asian providers offer plenty of equity ETFs but very few fixed income products. In the US, she notes, fixed income ETFs are growing rapidly.

先鋒(Vanguard)的亞洲投資組合審查主管Yan Pu懷疑，亞洲的產(chǎn)品結(jié)構(gòu)可能阻礙了ETF的發(fā)展。例如，亞洲ETF公司提供大量的股票ETF產(chǎn)品，但很少有固定收益產(chǎn)品。她指出，在美國(guó)，固定收益ETF增長(zhǎng)迅速。

She argues, however, that the problems with lower liquidity of ETFs in Asia are a symptom of a fund distribution system that fails to incentivise ETF sales by intermediaries. “I don't think there is a quick fix, but you would see a pick-up if Asia moves to a fee-based model,” she says.

然而，她辯稱，亞洲ETF流動(dòng)性較低的問(wèn)題反映了基金分銷(xiāo)體系未能激勵(lì)中介銷(xiāo)售ETF。她說(shuō)：“我認(rèn)為沒(méi)有快速的解決辦法，但如果亞洲轉(zhuǎn)向收費(fèi)模式，會(huì)出現(xiàn)起色。”

The companies that have tried — and so far failed — to create a sustained ETF boom in Asia say the need for wholesale reform suggests the market will be defined by a protracted effort to convince both the regulators and customers to redraw the scenery.

試圖推動(dòng)亞洲ETF持續(xù)繁榮但迄今未獲成功的公司表示，有必要從根本上改革似乎表明，市場(chǎng)將由說(shuō)服監(jiān)管機(jī)構(gòu)和客戶重塑行業(yè)格局的長(zhǎng)期努力定義。

But that may be overly pessimistic, says Mr Talbot. “Things in Asia do have a habit of moving faster than we think,” he says.

陶博宏表示，這可能過(guò)于悲觀了。他說(shuō)：“亞洲的情況往往比我們想象的更快變化。”