1. Use the fund assets to invest and manage the fund assets according to the provisions of the fund contract.
2. Pay the fund income to the fund holder in time and in full.
3. Keep the accounting books and records of the fund for more than 15 years.
4. Prepare the fund financial report, make a timely announcement and report to the China Securities Regulatory Commission.
5. Calculate and announce the net asset value of the fund and the net asset value of each fund unit.
6. Other duties stipulated in the fund contract.
In addition, the Measures for the Administration of Open-ended Funds stipulates that fund managers shall perform the following duties in addition to the above provisions:
1. According to the fund contract, decide the fund income distribution plan.
2. Prepare and publish quarterly reports, interim reports, annual reports and other periodic reports.
3. Handling information disclosure related to the fund.
4. Ensure that all documents or materials that need to be provided to fund investors are issued within the specified time, and ensure that investors can access the public information related to the fund at any time in the way stipulated in the fund contract and obtain copies of relevant materials. Requirements for fund managers: Different countries and regions have different regulations, but they usually include the following aspects:
1. It has certain capital. For example, according to the Fund Measures, the minimum paid-in capital of the fund management company to be established is100000 yuan;
2. Administrative, financial and management personnel are independent of the custodian;
3. Have a complete organizational structure;
4. There are enough qualified professionals;
5. It has a sound risk control system and internal management system.
In China, fund managers are legally established fund management companies. As a fund manager, it shall be approved by the the State Council Securities Regulatory Authority.
In China, the establishment of a fund management company shall meet the following conditions and be approved by the the State Council Securities Regulatory Authority:
(1) Having articles of association that conform to this Law and the Company Law of People's Republic of China (PRC);
(2) The registered capital shall not be less than 1 billion yuan, and it must be paid-in monetary capital.
(3) The major shareholder has good business performance and social reputation in securities business, securities investment consulting, trust asset management or other financial asset management, has no illegal record in the last three years, and has a registered capital of not less than 300 million yuan.
(four) the number of personnel who have obtained the qualification for fund practice has reached a quorum.
(5) Having business premises, safety precautions and other facilities related to the fund management business that meet the requirements.
(six) a sound internal audit monitoring system and risk control system.
(seven) other conditions stipulated by laws, administrative regulations and the State Council securities regulatory agency approved by the State Council. A fund manager shall not commit any of the following acts:
(1) Engaging in securities investment of fund property with inherent property or other people's property.
(two) unfair treatment of different fund assets under its management.
(3) Using the fund property to seek benefits for a third party other than the fund share holders.
(4) Seek benefits or bear losses for fund share holders in violation of regulations.
(5) Other acts prohibited by the the State Council Securities Regulatory Authority in accordance with the relevant provisions of laws and administrative regulations. The following personnel shall not serve as fund managers' fund practitioners:
(1) Being sentenced to punishment for committing crimes of corruption, bribery, dereliction of duty, property infringement or disrupting the order of the socialist market economy; (2) The directors, supervisors, factory directors, managers and other senior managers who are personally responsible for the bankruptcy liquidation of the company or enterprise where they work or the revocation of their business licenses due to poor management have not been more than five years since the date of bankruptcy liquidation or revocation of their business licenses.
(3) The amount of personal debt is relatively large and has not been paid off at maturity.
(4) Employees of fund managers, fund custodians, stock exchanges, securities companies, securities registration and settlement institutions, futures exchanges, futures brokerage companies and other institutions and staff of state organs who are dismissed for illegal acts.
(5) Lawyers, certified public accountants, employees of asset appraisal institutions and verification institutions, and investment consulting employees who have their practice certificates revoked or their practice qualifications cancelled due to illegal acts.
(six) other personnel prohibited from engaging in fund business by laws and administrative regulations.
Managers and other senior managers of fund managers should be familiar with securities investment laws and administrative regulations, have the qualification of fund practice and have more than three years of work experience related to their positions. At present, there are many such "blue-chip" fund managers in China fund industry. So how should investors identify? Financial experts suggest that we should use the concept of "value investment" to deeply analyze the "fundamentals" of fund companies in order to find "blue chip" fund managers. Investors can judge by four yardsticks: concept, team, service and governance, that is, whether they can abide by the concept of long-term investment value and whether they have a high-quality team with stable structure.
Huitianfu Fund Management Co., Ltd. is regarded as one of the "blue chip" fund managers in the industry because of its good "fundamentals". In terms of "concept", Huitianfu Fund is famous for paying attention to long-term investment, and the long-term performance of its fund products is also high.
In terms of "team", the team concept of Huitianfu Fund is to build "the hardest head in the industry". The company attaches great importance to team wisdom and cooperation in investment research, and the whole team has a * * * understanding of the long-term value investment concept and consistently practices it.
With the continuous development of the fund industry, pure performance can no longer be the only standard to measure the "fundamentals" of fund managers. Investors should also pay attention to the service quality, corporate governance level and international vision of fund managers. In terms of service quality, it includes service concept, service channel, service content and service personalization. Huitianfu Fund takes the lead in advocating experiential customer service in the industry by focusing on "caring" cards, so that customers can always feel "an audible smile". According to China's Interim Measures for the Administration of Securities Investment Funds and the Notice of China Securities Regulatory Commission on Relevant Issues Concerning the Application for the Establishment of a Fund Management Company, the application for the establishment of a fund management company needs to go through the following procedures:
(1) An application for the establishment of a fund management company shall be initiated by two or more qualified promoters. The main sponsor shall apply to the China Securities Regulatory Commission as the applicant.
(2) The establishment of a fund management company has to go through two stages: preparation and opening. The establishment and opening of a fund management company must be approved by the China Securities Regulatory Commission.
(3) To apply for the establishment of a fund management company, the main sponsor shall submit the following application materials to the China Securities Regulatory Commission as the applicant: an application report; Feasibility report; Sponsor information; Sponsor agreement; List and resumes of personnel responsible for the preparatory work; Other materials required by China Securities Regulatory Commission. Among them, the sponsor agreement mainly includes: the basic rights and obligations of the sponsor, the mode of contribution of the sponsor to subscribe for the fund share, the fund share held at the time of initial subscription and the authorization of the sponsor to the main sponsor.
(4) The preparation period of the fund management company approved by China Securities Regulatory Commission is 6 months. In case of special circumstances, with the approval of the China Securities Regulatory Commission, it may be extended appropriately, but the longest time shall not exceed 1 year. Fund management and other business activities shall not be carried out during the preparation period.
(5) When preparing for the establishment of a fund management company, the applicant shall apply to the China Securities Regulatory Commission for starting business, and submit the following application materials: preparation, capital verification certificate, personnel, internal organization and functions, management system, articles of association, business premises and technical facilities, fund management plan and business rules, and other materials required by the China Securities Regulatory Commission. Among them, the company's articles of association shall formulate the basic assumptions of the model according to the Implementation Criteria No.4 of the Interim Measures for the Administration of Securities Investment Funds issued by the China Securities Regulatory Commission and the Guidelines for Necessary Clauses in the Articles of Association of Fund Management Companies.
Assume that 1 fund manager's performance is expressed by π (α, ε), where α is a one-dimensional variable representing the level of effort, ε is an uncontrolled exogenous random variable, and ε obeys the normal distribution of N(0, σ2).
It is assumed that the effort level α and π (α, ε) increase in direct proportion, and the greater α, the greater the total income π (α, ε). For the convenience of calculation, the coefficient of α is 1, and the total income function takes the following linear form: π (α, ε) = α+ε.
Assuming that the payment contract between the two parties is S[π(α, ε)], investors will reward and punish the fund manager according to the observed π (α, ε). Consider the linear contract S(π)=α+βπ, where α is the manager's fixed income and β is the manager's share in the total income, that is, every unit income π increases, the manager's reward increases by β units.
Suppose 4 C(α) is the effort cost of managers. For simplicity, let C(α)=bα2/2, where b >；; 0, representing the cost coefficient. c′& gt； 0，C "& gt； 0, that is, the marginal negative utility of efforts is increasing.
Assume that the utility function of investors is V{π(α, ε)-S[π(α, ε)]}, and the utility function of fund managers is U{S[π(α, ε)]-C (α).
Suppose six investors are risk-neutral and managers are risk-averse, and their utility function has the characteristics of constant absolute risk aversion, which is expressed by ρ, ρ =-u "()/u' (). If ρ
According to the principal-agent theory, when fund investors design incentive contracts, they cannot use compulsory contracts to make fund managers choose the behaviors expected by investors. Therefore, the contract must be to maximize the utility of the fund manager while investors pursue their own utility. This incentive contract needs to meet two constraints:
Constraint 1 participation constraint (IR), that is, the expected utility obtained by the fund manager when accepting the contract cannot be less than the maximum expected utility (reserved utility) u when not accepting the contract.
Constraint 2 Incentive Compatibility Constraint (IC), that is, the expected utility of the manager's choice of effort level α must be greater than or equal to the expected utility when choosing other effort levels.
So the problem for investors is how to determine an incentive contract S(π(α, ε)) and derive α to maximize their own utility. Starting from the principle of simplicity, it is suggested that small and medium investors should focus on the following three aspects when choosing fund managers:
First of all, the management level and governance structure of fund management companies are very important.
Just like investing in stocks, investment funds first consider the management ability of fund management companies. Investors can learn about the management of fund management companies by visiting them and communicating with fund managers or salespeople. A good fund management company often has a good corporate governance structure, and the company has clear strategic positioning and development goals from shareholders, management to employees. On the contrary, if the fund management company only responds to the recovery stage of the stock market in a timely manner, the shareholders are eager for quick success and instant benefit, the management is bent on its own way, and the employees are scattered, then even if such fund managers achieve a very high net growth ranking in the short term, due to the lack of management level and governance structure of the fund management company, such funds are not worth holding for a long time.
Secondly, whether the fund manager can strictly abide by the provisions of the fund contract and strictly abide by laws and regulations.
In fact, there are many driving factors for the stock market to rise, and the promotion of value is only one of them. If the fund manager can't bear the pressure of falling behind in the stock market and gives up or changes the terms of the fund contract at will, on the one hand, it shows that the fund management company lacks a clear investment concept, on the other hand, it also shows that the fund management company is short-term interest-oriented and lacks risk control. As we all know, clear investment concept and strict risk control are the decisive factors for fund managers to outperform the market for a long time. If a fund management company loses its investment philosophy and risk control ability just for the lure of short-term interests, it is hopeless to hold such funds in the long run, and investors' hard-earned money may flow into the fund manager's pocket through management fees.
Third, it has a distinctive investment style and an excellent investment team.
Investment style is very important. Fund managers who lack investment style can only get the average profit of the market, while fund managers with distinctive investment style can often get sustained excess investment returns. Judging from foreign investment experience, whether Buffett, Soros or Peter Lynch are famous for their distinctive investment styles, they have all achieved success with their own styles. The same is true for selecting fund managers, either inheriting the long-standing investment culture of shareholder companies or consisting of a group of excellent investment teams with long-term tacit cooperation. In those excellent fund management companies, 1 or two soul figures are often leading, but they implement the mechanism of combining collective decision-making with individual decision-making, realizing the perfect combination of individual ability and collective wisdom.
Generally speaking, buying a fund is like buying a stock. Historical performance or data is of course important, but it is more important to examine whether a fund management company has a long-term development strategy, strict risk control and a distinctive investment team. Optimistic about a fund management company and holding its own fund for a long time is the best strategy for investors to win in the stock market with the help of fund investment.
An excellent fund manager should be able to strictly abide by the fund contract and have a firm investment philosophy and risk control process.