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穿越多轮牛熊周期后美国买方投顾格局逐步形成
穿越多轮牛熊周期后美国买方投顾格局逐步形成
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所属报告:
多元金融行业财富管理系列之十三:海外共同基金费率变迁及国内投顾新规初探-230925(48页).pdf
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历史上的两轮美元牛熊与2011年以来的美元牛市
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与此同时,考虑到规模约等于份额*净值,2000 年以来,牛市美国共同基金规模增速总体不及标普 500 及纳斯达克指数增速,熊市共同基金降幅总体小于标普 500 及纳斯达克指数降幅,除分散化投资等原因外,一定程度也能够体现买方投顾模式鼓励投资者长期持有,并在合适时机进行资产配置。如 2001 年互联网金融泡沫破灭,纳斯达克指数下跌明显,而 2001 年美国共同基金规模基本保持不变,2002 年共同基金规模小幅下滑;亦或者 2008 年金融危机共同基金规模、标普 500 及纳斯达克指数下滑均较为明显,但 2009 年市场指数延续下滑趋势的同时,共同基金规模逆市提升,反而在 2010 年股市大幅回暖的同时共同基金规模增幅放缓等,共同体现美国以客户为中心实现长期资产配置的买方投顾服务模式的形成。根据 IAA 统计数据,自 2000 年以来美国注册投资顾问管理资产规模增长稳健,2000 年美国注册投资顾问管理规模约 20 万亿美元,截至 2022 年底增长为114 万亿美元,年化复合增速 8%。
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多元金融行业财富管理系列之十三:海外共同基金费率变迁及国内投顾新规初探-230925(48页).pdf
2004年12b-1费用途
基金投顾业务流程:客户信任是投顾业务经营的核心
2000年后美国公募基金集中度上升,马太效应明
多数美国共同基金未取得相对基准的超额收益
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