应对低利率环境挑战 资管机构寻求资产配置新策略

Core Insights - Traditional asset allocation strategies are facing significant challenges, prompting a shift towards new asset allocation strategies among various asset management institutions [1] - Experts emphasize the need for diversification in income sources, enhanced risk dispersion, and innovative strategies to adapt to low interest rates and potential market volatility [1] Changing Client Demands - There is a noticeable shift in investor demand towards low-volatility and stable products amid market fluctuations, with a growing interest in passive, global, and alternative investment products [1] - Retail clients, primarily from bank wealth management, exhibit a cautious risk preference influenced by their income sources, leading to a preference for deposit-like products [2] Strategies to Mitigate Volatility - Institutions are advised to adopt diversified asset allocation and long-term investment strategies to counteract potential market volatility [2] - The integration of global asset allocation capabilities and local expertise is crucial for building a robust asset management system that meets client demands for return certainty [2] Identifying New Market Opportunities - In the context of slowing global economic growth and increasing uncertainty, asset allocation strategies are shifting from "beta-driven" to "alpha-extraction," focusing on risk diversification and new market opportunities [3] - The decline in traditional fixed-income asset yields is pushing investors to explore a broader range of assets, including high-dividend equities and alternative investments like REITs and commodities [4] Development of Alternative Investment Strategies - Insurance asset management is rapidly evolving, with a significant focus on new alternative investment businesses, including asset securitization as a strategic pivot [5] - The stock-bond risk parity strategy is anticipated to be an attractive option in the current low-interest environment, leveraging the potential for recovery in the stock market [5]