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.
曩昔3個月裏，中國新建立了逾4000家對沖基金和私募股權基金，在雄心壯誌的基金司理們追求從中國牛氣沖天的股市獲益之際，助長了一場大範圍的傳統投資公司人材流失潮。
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.
中國證監機構頒布的數據表現，到5月尾，私募股權基金(包含私家股本和危害本錢)的數目從3個月前的7989家上升至12285家，其資產治理範圍從750億美元增長至4330億美元。
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.
上證綜指(Shanghai Composite Index)在上周五收於7年新高，在曩昔一年裏上漲了150%。小市值科技股會合的深圳創業板(ChiNext)在曩昔一年裏則上漲了兩倍多。
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.
私家股本公司域秀本錢(WinSure Capital)的董事長馮剛表現，當局正勉勵金融範疇的創業。本年1月，馮剛創建了域秀本錢，此前他在中國多家配合基金公司事情了14年，個中比來的一家是與摩根大通(JPMorganChase)合夥的上投摩基礎金治理有限公司(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.
“曩昔14年裏，我從未看到羈系機構像如今這麽勉勵立異。咱們在投資行業走在了前面，”他說。
In February the government switched to a streamlined registration procedure for privateequity and hedge funds, abandoning the more onerous approval process.
本年2月，中國當局精簡了私募股權基金和對沖基金的註冊手續，廢棄了本來更繁瑣的審批流程。
Employees at hedge and private equity funds have risen by more than 60,000 in threemonths, topping 199,000 by the end of May.
對沖基金和私募股權基金的員工在3個月裏增長了逾6萬人，到5月尾跨越了19.9萬人。
“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.
“曩昔一年裏，咱們研討團隊裏跨越一半的成員跳槽去了對沖基金，”上海一家大型中資券商的機構營業副總裁表現。“咱們的(配合基金)客戶也同樣。如今全部基金司理都是80後，”她說。
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.
中國的對沖基金在一些癥結方面與西方同業分歧。西方的基金重要依附機構投資者，而中國對沖基金面向散戶投資者，應用銀行和券商作為發賣渠道。
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