三天前，月刊君聽說在專注於報道亞太買方市場的領先行業媒體AsianInvestor上刊登了宜信財富的兩篇專業文章，就興沖沖地跑去看了看。
結果沒想到，完整觀看媒體對自己公司的報道，竟然被要求註冊並訂閱！
訂閱也就罷了，月刊君也不是沒有錢，不過竟然需要2000+美元，真是是可忍孰不可忍……
這麼受歡迎的宜信財富
要不要找個掃碼請專家幫忙介紹一下？
所以，到底是什麼文章竟然這麼值錢？
最終，月刊君千辛萬苦地託人拿到了這兩篇文章，就跟大家第一時間分享一下。（PS:由於時間太短，我們就先把文章大意和英文全文給大家看看，至於中文翻譯後續再補吧。）
在第一篇“CreditEase's Hou outlines allocation outlook”一文中，宜信財富理財產品總經理侯琳介紹了宜信財富2018年對各類別資產配置權重的建議，以及如何利用母基金幫助客戶超配另類資產。在鼓勵客戶超配另類資產的過程中，宜信財富踐行“三步走”戰略，結合客戶的投資認知、風險承受水平，設置不同投資金額門檻，幫助客戶穩妥的實現從母基金到單一基金、再到單一項目投資的過渡，在每個階段都伴隨宜信財富優中選優的海內外合作伙伴。
CreditEase's Hou outlines allocation outlook
The head of wealth management products at Beijing-basedCreditEase discusses portfolio recommendations for 2018 and how the companybuilds relationships with clients.
by Christina Wang Read more at: http://www.asianinvestor.net/article/crediteases-hou-outlines-allocation-outlook/444041
Beijing-based CreditEase, a peer-to-peer (P2P) lendingplatform and wealth management platform, has been busy building its roster ofmutual fund, trust and insurance products and expanding its overseas business.
In an exclusive interview, CreditEase’s head of wealthmanagement products, Hou Lin, explained its evolving investment relationshipwith clients and outlined its asset allocation outlook for 2018.
CreditEase focuses on offering high-net-worth individuals(HNWIs) ways to invest into alternative investments. More than half of thealmost Rmb100 billion ($15 billion) it had in new assets under management in2017 was invested into funds of funds (FoFs) of venture capital (VC), privateequity (PE), real estate and hedge funds.
“Overall, we recommend that clients shift more to equityinvestments from fixed income, and to make more allocations into FoFs andalternative asset classes,” Hou told AsianInvestor.
The wealth manager’s asset allocation suggestions forthis year is to put about 30% in fixed income, 20% to 30% in VC/PE, 20% inhedge funds and capital markets, 20% in real estate, 5% to 10% in long-terminsurance products, and 5% in overseas private credit.
CreditEase’s FoFs invest in three main categories –PE/VC, real estate and capital markets – with a series of flagship FoFsdenominated in renminbi and US dollar respectively, under each category.
“We would normally have a maximum of 10 FoFs active atthe same time, which is quite simple for clients to choose from,” added Hou.
The investment horizon for VC/PE and real estate FoFs is10 to 12 years, while for property-income and capital market FoFs it istypically three years, she said.
ENGAGING INVESTORS
Hou also explained the three-step investment engagementprocess it employs when dealing with investors: At the first level, it offersrecommendations to clients to invest into FoFs, with an investment threshold ofabout Rmb2 million to Rmb3 million, she said.
“Later, we provide single private funds from managersthat we have consistent partnerships with, believe are very stable in [termsof] performance and have long track records. The threshold of investment for asingle fund would be higher at Rmb3 million or Rmb5 million."
She said the wealth manager is quite selective aboutsingle funds: “There are not many in number but they have very consistentprovisions.”
CreditEase’s fund partners include overseas managers suchas Tishman Speyer, Wellington, Oaktree Capital, and domestic managers such asIDG and China Growth Capital.
Finally, after investing in FoFs and single funds, someHNW clients are willing and can afford to invest in specific projects directlywith the asset manager, which can bring a higher return with higher risk. “Forexample, we have partnerships with IDG, Tishman Speyer and others for all threeof the above steps,” said Hou.
In addition, CreditEase is eyeing new areas ofinvestments, Hou said: “We would like to try putting small initial amounts intosome niche alternative investments, such as infrastructure and catastropheinsurance."
在第二篇“How CreditEase chooses fund managers”一文中，侯琳介紹了宜信財富對合作夥伴的嚴謹篩選過程。以私募股權母基金為例，宜信財富會重點關注基金管理團隊的人員組成、團隊穩定性和創始團隊背景，以及基金的專注領域、投資策略，並從被投企業、其他LP等第三方信源進行多維度盡調。宜信財富團隊深厚的母基金管理經驗和直接投資經驗，確保其能從浩如煙海的基金管理人中篩選出各資產類別內最優秀的團隊，並依據不同資產類別的特點進行有效的投後管理。
How CreditEase chooses fund managers
With $15 billion under management, the Chinese group'swealth management arm employs a rigorous screening process to pick managers,with a focus on alternative investments.
by Christina Wang
Read more at: http://www.asianinvestor.net/article/how-creditease-chooses-fund-managers/444024
Beijing-based CreditEase’s screening process for fundmanagers is so rigorous that the approval rate is only around 2%, its head ofwealth management products told AsianInvestor during a discussion aboutthe group's selection process.
Hou Lin said Chinese peer-to-peer lender's wealthmanagement platform had partnered with more than 200 fund houses, of whichabout 60% were domestic and 40% overseas. CreditEase focuses on offeringhigh-net-worth individuals ways to invest into alternative investments.
“There are many parameters in manager selection. Withventure capital or private equity fund of funds, the emphasis is on thecomposition of the manager’s team, including its stability and the backgroundof its founder and partners," she noted.
“We identify the focus area of their investments and howthey conduct investments. We also talk to related third parties, such as theirinvested companies, to understand how they make judgments of investableprojects, as well as their past limited partners [LPs, or other investors intoa fund].”
Most of the wealth management firm’s fund-of-fund (FoF)leaders have FoF management backgrounds or direct investment experience, sothey know many of the managers already, added Hou.
Over half of the almost Rmb100 billion ($15 billion)CreditEase had in new assets under management as of end-2017 is invested intoFoFs of venture capital (VC), private equity (PE), real estate and hedge funds.
"There are a large number of capital market managersmore than 10,000 in mainland China alone], so it’s a big project to identifythe good ones,” Hou added.
CreditEase first identifies a capital market strategy andscreens the relevant managers by their investment durations, individualmanagers' experience and the funds’ past performance to come up with a list.That is followed by detailed due diligence on the fund managers, includingtheir risk management.
"VC/PE and real estate FoFs have long investmenthorizons, so we won’t replace managers much. But for capital market FoFs, wereview managers at least once a month or even daily if the market is in avolatile period," Hou added.
Starting out as a peer-to-peer lending platform in 2006,CreditEase gained licences to sell mutual funds, trust and insurance productsin mainland China in 2012.
It added an asset management licence in Hong Kong in2013, and has since established operations in Singapore, New York, WashingtonDC, Silicon Valley and Israel.
月刊君注：AsianInvestor 於2000年在香港創立，是亞太地區報道資產管理行業首屈一指的專業媒體，主要關注領域包括此地區內的另類投資、養老金、風控、共同基金、機構投資趨勢、行業監管等，讀者多為上述領域內從業人士。
風險提示：投資有風險，選擇需謹慎。本文僅作為知識分享，不構成任何投資建議，對內容的準確與完整不做承諾與保障。過往表現不代表未來業績，投資可能帶來本金損失；任何人據此做出投資決策，風險自擔。
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