According to the provisions of my country's "Interim Measures for the Administration of Securities Investment Funds" and the China Securities Regulatory Commission's "Notice on Issues Concerning Application for the Establishment of Fund Management Companies", registered fund management companies need to meet the following conditions:
1. The registered capital shall not be less than RMB 100 million, and shareholders must pay in cash, and foreign shareholders shall contribute capital in freely convertible currency;
2. The major shareholders shall have the ability to operate financial businesses Or manage financial institutions with good performance, good financial status and social reputation, with asset scale reaching the standards stipulated by the State Council, and no illegal records in the past three years;
3. Comply with laws, administrative regulations and the China Securities Regulatory Commission, The proposed senior managers and personnel engaged in research, investment, valuation, marketing and other businesses as stipulated by the meeting shall be no less than 15 senior managers and business personnel, and shall obtain fund professional qualifications;
4. Equip at least 3 senior executives with experience in equity investment fund management and operation or related business experience.
5. Have articles of association that comply with the Securities Investment Fund Law, the Company Law and the provisions of the China Securities Regulatory Commission;
6. Shareholders comply with the Securities Investment Fund Law and this Article 7. Have business premises, safety precautions and other business-related facilities that meet the requirements;
8. Have supervision and auditing regulations that comply with the provisions of the China Securities Regulatory Commission. , risk control and other internal control systems;
Fund form
1. It is not certain which is the earliest hedge fund. During the great bull market in the United States in the 1920s, there were countless such investment tools specifically for the wealthy. The most famous of these is the Graham-Newman Partnership fund founded by Benjamin Graham and Jerry Newman.
2. In 2006, Warren Buffett claimed in a letter to the Museum of American Finance magazine that the Graham-Newman partnership fund in the 1920s was the earliest hedge fund he knew of. But other funds are likely to emerge sooner.
3. During the economic recession of 1969-1970 and the stock market crash of 1973-1974, many early funds suffered heavy losses and closed down one after another. In the 1970s, hedge funds generally specialized in one strategy, with most fund managers adopting a long/short stock model. During the recession of the 1970s, hedge funds were largely ignored until the media reported several highly successful funds in the late 1980s.
4. The bull market of the 1990s created a new class of wealthy people, and hedge funds blossomed everywhere. Traders and investors pay more attention to hedge funds because of their emphasis on interest-aligned income distribution models and "beat the market" investment methods. In the next ten years, hedge fund investment strategies have emerged in an endless stream, including credit arbitrage, junk bonds, fixed income securities, quantitative investment, multi-strategy investment, etc.
5. In the first decade of the 21st century, hedge funds once again became popular around the world. In 2008, the total assets held by global hedge funds reached US$1.93 trillion. However, the credit crisis in 2008 severely damaged hedge funds and their values ??shrank. Coupled with the obstruction of liquidity in some markets, many hedge funds began to restrict investor redemptions.