资产管理的新面貌—ETF的角色与运用

胡德兴

<p>欧美资产管理业者运用被动式基金(ETF)，进行资产配置与投资由来已久，不论是规模、产品种类、或是文件数都呈现爆炸性的增长，2008年起，市场资金更持续由主动型基金流往被动型基金，截至2017年底，全球被动型基金累积流入1.6trillion (美金)，主动型相反的却净流出1.3 trillion (美金)。<br /> 亚洲市场中，台湾发展ETF时间相较香港、日本、韩国晚，在2003年发行第一档ETF，相隔八年，2011年规模才正式突破1,000亿元大关，但紧接着在2015年突破2,000亿元，2017年突破3,000亿元，到2018年3月已经突破4,000亿元，2018年3月突破5,000亿元后，2018年10月已经接近6,000亿元。2014年以后，台湾ETF在产品创新发展以及规模成长速度上，在大中华区／亚洲区市场取得领先地位，会有这样的高速成长，除了业者的积极发展各式产品类别外，主管机关的大力推动与政策配合，再加上市场趋势的推升，造就了台湾ETF产品的奇迹。<br /> ETF产品具备的简单、透明、分散及低成本4大基本优势，免去选股困扰，减少投资信息不对的投资风险，轻松掌握趋势。特别是台湾挂牌的ETF已能提供多元资产配置需求，投资人可透过ETF，实现投资自主性，以及「创新」实现全球资产管理。股神巴菲特也曾公开推荐投资指数型基金，强调应把资金全部放于一个简单的低成本指数基金组合内。<br /> ETF基金在运作上，由指数公司提供复制指数的规则，投信经理人只需要&rdquo;被动&rdquo;的调整投资组合来复制指数，看似相当简单的操作模式，随着市场规模的增加，竞争对手也如雨后春笋般地加入市场，2014年底市场仅3家业者，到了2018年10月，短短四年，已经增加到11家业者抢夺这块大饼。<br /> 但如何建构ETF营运的生态系，将是未来竞争激烈下的各家业者营运重点，随产品端开始，掌握潜在客户的客制化需求、了解市场趋势领先推出首发ETF产品等；发行后，跨时区目标物的交易、目标物流动性与资金的控管；挂牌上市/上柜后，与造市商的合作提供市场流动性，或是大额申赎下基金的存续等，都是各家业者的know-how；最后，对资产管理业者而言，ETF更像是一种金融工具，如何与寿险或是证券等合作，发展退休理财、机器人理财(Fintech)等更是业者努力的方向。</p>

2018-11-02(Friday)16:40-18:00

经济楼N402

中文

厦门大学经济学院、王亚南经济研究院

厦门大学富邦两岸金融与产业研究中心

系列讲座

谢沛霖

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font-family: DFKai-SB;"><o:p></o:p></span></p> <p class="MsoNormal" style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:24.0pt;margin-bottom:.0001pt;text-indent:-24.0pt;line-height:22.0pt;mso-line-height-rule:exactly;mso-list:l0 level1 lfo1;tab-stops:24.5pt 155.95pt"><span style="font-size: x-small;"><!--[if !supportLists]--><span lang="EN-US" style="font-family: Wingdings;">l<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp; </span></span><!--[endif]--><span lang="EN-US" style="font-family: DFKai-SB;">2017/3/1 </span><span style="font-family: 宋体;">迄今</span><span lang="EN-US" style="font-family: DFKai-SB;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span style="font-family: 宋体;">富邦康宏资产管理公司</span><span lang="EN-US" style="font-family: DFKai-SB;">(</span><span style="font-family: 宋体;">香港</span><span lang="EN-US" style="font-family: DFKai-SB;">) </span><span style="font-family: 宋体;">董事长</span></span><span lang="EN-US" style="font-size: 14pt; font-family: DFKai-SB;"><o:p></o:p></span></p> <p class="MsoBodyText2" style="margin-top:0cm;margin-right:0cm;margin-bottom:&#10;0cm;margin-left:24.0pt;margin-bottom:.0001pt;text-indent:-24.0pt;line-height:&#10;20.0pt;mso-line-height-rule:exactly;mso-list:l0 level1 lfo1"><span style="font-size: x-small;"><!--[if !supportLists]--><span lang="EN-US" style="font-family: Wingdings;">l<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp; </span></span><!--[endif]--><span lang="EN-US" style="font-family: DFKai-SB;">2017/6/1</span><span style="font-family: 宋体;">迄今</span><span lang="EN-US" style="font-family: DFKai-SB;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span style="font-family: 宋体;">基富通证券股份有限公司</span><span style="font-family: DFKai-SB;"> </span><span style="font-family: 宋体;">监察人</span></span><span lang="EN-US" style="font-size:14.0pt;font-family:DFKai-SB"><o:p></o:p></span></p> <p class="MsoBodyText2" style="margin-top:0cm;margin-right:0cm;margin-bottom:&#10;0cm;margin-left:24.0pt;margin-bottom:.0001pt;line-height:20.0pt;mso-line-height-rule:&#10;exactly"><span lang="EN-US" style="font-size:14.0pt;font-family:DFKai-SB"><o:p>&nbsp;</o:p></span></p> <p class="MsoBodyText2" style="margin:0cm;margin-bottom:.0001pt;line-height:20.0pt;mso-line-height-rule:exactly"><u><span style="font-size:14.0pt;font-family:&#10;宋体;mso-ascii-font-family:DFKai-SB;mso-hansi-font-family:DFKai-SB;mso-bidi-font-family:&#10;&quot;Times New Roman&quot;;background:silver;mso-highlight:silver;mso-fareast-language:&#10;ZH-CN">主要工作经历：</span></u><span lang="EN-US" style="font-size:14.0pt;font-family:&#10;DFKai-SB;mso-bidi-font-family:&quot;Times New Roman&quot;"><o:p></o:p></span></p> <p class="MsoNormal" style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:24.0pt;margin-bottom:.0001pt;text-indent:-24.0pt;line-height:22.0pt;mso-line-height-rule:exactly;mso-list:l0 level1 lfo1;tab-stops:24.5pt 155.95pt"><!--[if !supportLists]--><span style="font-size: x-small;"><span lang="EN-US" style="font-family: Wingdings;">l<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp; </span></span><!--[endif]--><span lang="EN-US" style="font-family: DFKai-SB;">2009/04-2016/10</span><span lang="EN-US" style="font-family: DFKai-SB;">&nbsp;&nbsp;&nbsp;&nbsp; </span><span style="font-family: 宋体;">富邦证券投资顾问股份有限公司</span><span lang="EN-US" style="font-family: DFKai-SB;"> </span><span style="font-family: 宋体;">董事长</span></span><span lang="EN-US" style="font-size: 14pt; font-family: DFKai-SB;"><o:p></o:p></span></p> <p class="MsoNormal" style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:24.0pt;margin-bottom:.0001pt;text-indent:-24.0pt;line-height:22.0pt;mso-line-height-rule:exactly;mso-list:l0 level1 lfo1;tab-stops:24.5pt 155.95pt"><span style="font-size: x-small;"><!--[if !supportLists]--><span lang="EN-US" style="font-family: Wingdings;">l<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp; </span></span><!--[endif]--><span lang="EN-US" style="font-family: DFKai-SB;">2009/04-2012/02</span><span lang="EN-US" style="font-family: DFKai-SB;">&nbsp;&nbsp;&nbsp; </span><span style="font-family: 宋体;">富邦金控财富管理事业群</span><span lang="EN-US" style="font-family: DFKai-SB;"> </span><span style="font-family: 宋体;">产品功能主管</span></span><span lang="EN-US" style="font-size: 14pt; font-family: DFKai-SB;"><o:p></o:p></span></p> <p class="MsoNormal" style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:24.0pt;margin-bottom:.0001pt;text-indent:-24.0pt;line-height:22.0pt;mso-line-height-rule:exactly;mso-list:l0 level1 lfo1;tab-stops:24.5pt 155.95pt"><span style="font-size: x-small;"><!--[if !supportLists]--><span lang="EN-US" style="font-family: Wingdings;">l<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp; </span></span><!--[endif]--><span lang="EN-US" style="font-family: DFKai-SB;">2004/02-2009/02</span><span lang="EN-US" style="font-family: DFKai-SB;">&nbsp;&nbsp; </span><span style="font-family: 宋体;">摩根证券投资顾问股份有限公司</span><span lang="EN-US" style="font-family: DFKai-SB;"> </span><span style="font-family: 宋体;">董事长兼总经理</span></span><span lang="EN-US" style="font-size: 14pt; font-family: DFKai-SB;"><o:p></o:p></span></p> <p class="MsoNormal" style="margin:0cm;margin-bottom:.0001pt;line-height:22.0pt;mso-line-height-rule:exactly"><span lang="EN-US" style="font-size: 14pt; font-family: &quot;Microsoft JhengHei&quot;, sans-serif;"><o:p>&nbsp;</o:p></span></p> <p class="MsoBodyText2" style="margin:0cm;margin-bottom:.0001pt;line-height:20.0pt;mso-line-height-rule:exactly"><u><span style="font-size:14.0pt;font-family:&#10;宋体;mso-ascii-font-family:DFKai-SB;mso-hansi-font-family:DFKai-SB;mso-bidi-font-family:&#10;&quot;Times New Roman&quot;;background:silver;mso-highlight:silver;mso-fareast-language:&#10;ZH-CN">学历：</span></u><u><span lang="EN-US" style="font-size:14.0pt;font-family:&#10;DFKai-SB;mso-bidi-font-family:&quot;Times New Roman&quot;;background:silver;mso-highlight:&#10;silver"><o:p></o:p></span></u></p> <p class="MsoNormal" style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:24.0pt;margin-bottom:.0001pt;text-indent:-24.0pt;line-height:22.0pt;mso-line-height-rule:exactly;mso-list:l0 level1 lfo1;tab-stops:24.5pt 212.65pt"><!--[if !supportLists]--><span style="font-size: x-small;"><span lang="EN-US" style="font-family: Wingdings;">l<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp; </span></span><!--[endif]--><span lang="EN-US" style="font-family: DFKai-SB;">1988/08-1991/05&nbsp;&nbsp;&nbsp; </span><span style="font-family: 宋体;">美国弗吉尼亚理工州立大学</span><span lang="EN-US" style="font-family: DFKai-SB;"> </span><span style="font-family: 宋体;">企业管理研究所</span><span style="font-family: DFKai-SB;"> </span><span style="font-family: 宋体;">硕士</span></span><span lang="EN-US" style="font-size: 14pt; font-family: DFKai-SB;"><o:p></o:p></span></p> <p class="MsoNormal" style="margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:24.0pt;margin-bottom:.0001pt;text-indent:-24.0pt;line-height:22.0pt;mso-line-height-rule:exactly;mso-list:l0 level1 lfo1;tab-stops:24.5pt 212.65pt"><span style="font-size: x-small;"><!--[if !supportLists]--><span lang="EN-US" style="font-family: Wingdings;">l<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp; </span></span><!--[endif]--><span lang="EN-US" style="font-family: DFKai-SB;">1981/09-1985/06&nbsp;&nbsp;&nbsp; </span><span style="font-family: 宋体;">国立成功大学</span><span lang="EN-US" style="font-family: DFKai-SB;">&nbsp; </span><span style="font-family: 宋体;">交通管理科学系</span><span style="font-family: DFKai-SB;"> </span><span style="font-family: 宋体;">学士</span></span><span lang="EN-US" style="font-size: 14pt; font-family: DFKai-SB;"><o:p></o:p></span></p> <p class="MsoBodyText2" style="margin:0cm;margin-bottom:.0001pt;line-height:24.0pt;mso-line-height-rule:exactly;layout-grid-mode:char;mso-layout-grid-align:none"><span lang="EN-US" style="font-size: 14pt; font-family: &quot;Microsoft JhengHei&quot;, sans-serif;"><o:p>&nbsp;</o:p></span></p>

厦门大学富邦金融与产业论坛2018春季学期第三讲，总第29讲