牛市催生中国私募基金繁荣

More than 4,000 new Chinese hedge and privateequity funds have launched in the past threemonths, fuelling a mass exodus from traditionalinvestment houses as ambitious fund managersseek to profit from the country’s booming stockmarket.

过去3个月里，中国新成立了逾4000家对冲基金和私募股权基金，在雄心勃勃的基金经理们寻求从中国牛气冲天的股市获益之际，助长了一场大规模的传统投资公司人才流失潮。

The number of private investment funds — includingprivate equity, and venture capital — totalled12,285 by the end of May, up from 7,989 three months earlier, figures from China’s securitiesregulator show. Assets under management increased by $75bn to $433bn.

中国证监机构公布的数据显示，到5月底，私募股权基金(包括私人股本和风险资本)的数量从3个月前的7989家上升至12285家，其资产管理规模从750亿美元增加至4330亿美元。

The Shanghai Composite Index closed at a seven-year high on Friday and is up 150 per centover the past year. The small-cap, tech-focused ChiNext board in Shenzhen has more thantripled in the past year.

上证综指(Shanghai Composite Index)在上周五收于7年新高，在过去一年里上涨了150%。小市值科技股集中的深圳创业板(ChiNext)在过去一年里则上涨了两倍多。

Feng Gang, chairman of private equity house WinSure Capital, said the government wasencouraging entrepreneurship in finance. He launched his fund in January after 14 years atChinese mutual fund companies, most recently China International Fund Management, a jointventure with JPMorgan Chase.

私人股本公司域秀资本(WinSure Capital)的董事长冯刚表示，政府正鼓励金融领域的创业。今年1月，冯刚创立了域秀资本，此前他在中国多家共同基金公司工作了14年，其中最近的一家是与摩根大通(JPMorganChase)合资的上投摩根基金管理有限公司(China International Fund Management)。

“In the past 14 years I’ve never seen regulators so encouraging of innovation. In theinvestment industry, we’re taking the lead, he said.

“过去14年里，我从未看到监管机构像现在这么鼓励创新。我们在投资行业走在了前面，他说。

In February the government switched to a streamlined registration procedure for privateequity and hedge funds, abandoning the more onerous approval process.

今年2月，中国政府精简了私募股权基金和对冲基金的注册手续，放弃了原本更繁琐的审批流程。

Employees at hedge and private equity funds have risen by more than 60,000 in threemonths, topping 199,000 by the end of May.

对冲基金和私募股权基金的员工在3个月里增加了逾6万人，到5月底超过了19.9万人。

“More than half of our research team has left over the past year to join hedge funds, said avice-president for institutional business at a large Chinese securities brokerage in Shanghai. “It’s the same with our [mutual fund] clients. Now all the fund managers are ‘post-80s’, shesaid, referring to those born after 1980.

“过去一年里，我们研究团队里超过一半的成员跳槽去了对冲基金，上海一家大型中资券商的机构业务副总裁表示。“我们的(共同基金)客户也一样。现在所有基金经理都是80后，她说。

Chinese hedge funds differ from western counterparts in key respects. Where western fundsrely mainly on institutional investors, Chinese hedge funds draw from retail investors, usingbanks and brokerages as sales channels.

中国的对冲基金在一些关键方面与西方同行不同。西方的基金主要依赖机构投资者，而中国对冲基金面向散户投资者，利用银行和券商作为销售渠道。