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Tianhong Asset Management, the Chinese fund company that transformed the way millions of Chinese invest their savings, plans to enter the exchange traded fund market for the first time.
天弘基金管理有限公司(Tianhong Asset Management)第一次计划进入交易所交易基金(ETF)市场。这家基金公司改变了数百万中国人投资储蓄资金的方式。
The country’s largest asset manager, which is controlled by Alipay, the Chinese online payments company, told FTfm it has already launched a small suite of index-tracking funds and plans to expand this further by launching ETFs.
由中国在线支付公司支付宝(Alipay)控股的中国最大资产管理公司对英国《金融时报》基金管理(FTfm)专刊表示，其已推出少量指数跟踪型基金，并打算进一步扩大产品范围，推出ETF基金。
The move could pose a significant competitive threat to companies such as Fortune SG, Yinhua and China AMC, the leaders in China’s nascent ETF industry, which oversees Rmb442bn (￡54bn) of assets.
此举可能会对中国初生的ETF行业的领跑者——如华宝兴业基金(Fortune SG)、银华基金(Yinhua)和华夏基金(China AMC)等——构成显著竞争威胁。目前中国ETF基金行业掌管着4420亿元人民币（合540亿英镑）的资产。
Xiaoming Zhou, deputy general manager at Tianhong, said: “We are trying to provide other wealth management products, in a very low-cost and user-friendly way, to as many users as possible. In the future we plan to launch ETFs, but we don’t have a specific timeline.”
天弘基金副总经理周晓明说：“我们正努力以非常低的成本和用户友好的方式，向尽可能多的用户提供其他理财产品。我们打算在未来推出ETF，但目前没有具体的时间表。”
Tianhong’s existing index funds provide exposure to the domestic stock market, and manage around Rmb2.9bn of assets.
天弘现有的指数基金投资于国内股市，资产管理规模约为29亿元人民币。
The company is well placed to access a wide range of retail investors, given the rapid growth of its online money market fund, Yu’e Bao, which translates as leftover treasure. The fund — the largest of its kind in China — has attracted approximately 185m investors since it launched in 2013, bringing its total assets to an estimated Rmb794.4bn.
鉴于其网上货币市场基金“余额宝”(Yu’e Bao)的快速增长，天弘基金处于有利地位，能够接触到广大散户投资者。余额宝作为中国最大的货币市场基金，自2013年推出以来吸引了大约1.85亿投资者，资产总规模达到约7944亿元人民币。
Consumers that use Alipay’s epayment account to pay for everything from taxi rides to shopping can use their phones to direct idle cash into the money fund for returns that beat those offered by bank accounts.
使用支付宝付款帐户来支付从出租车到购物的消费者，可以用手机把闲置资金转入货币基金，以获得高于银行存款的回报。
The popularity of such products has helped assets in the Chinese money market fund industry grow to Rmb4.5tn, more than ten times the size of China’s ETF market, according to Z-Ben, the Shanghai-based consultancy.
上海咨奔商务咨询有限公司(Z-Ben)的数据显示，这类产品的普及，推动中国货币市场基金的资产规模增长到4.5万亿元人民币，是中国ETF市场规模的10倍以上。
Analysts believe Tianhong’s eventual move into ETFs is likely to be popular with Chinese investors, particularly if it provides them with greater access to foreign stock markets. This would require gaining the relevant quotas from the China Securities Regulatory Commission, which awards mainland fund companies the right to invest in overseas markets.
分析人士认为，天弘基金最终进入ETF市场可能会受到中国投资者的欢迎，特别是如果这些ETF能让他们获得境外股市的更大敞口。这将需要从中国证监会(CSRC)获得相关额度。证监会负责向中国内地的基金公司授予到境外市场投资的权利。
