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富达基金总经理孙晨: 从华尔街到黄浦江 外资公募探寻“本土化解法”
Zheng Quan Shi Bao·2025-08-10 17:37

Core Viewpoint - The article discusses the challenges and strategies of foreign asset management firms, particularly Fidelity, in navigating the complexities of the Chinese market since the establishment of the first wholly foreign-owned public fund company in June 2021 [1][2]. Group 1: Market Challenges - Foreign public funds in China face difficulties due to the highly localized market environment, which makes it challenging to apply international experiences directly [2]. - The key challenges include unclear positioning and the need for strategic adjustments to meet the unique demands of the Chinese market [2]. - The market's relatively weak efficiency and high volatility present opportunities for sustainable growth for firms like Fidelity [4][5]. Group 2: Strategic Framework - Fidelity has proposed a "two markets, two systems" strategy, focusing on the local market through partnerships with banks, brokers, and e-commerce platforms, while also catering to international investors seeking exposure to Chinese assets [2][3]. - The "two systems" encompass a product system and a research system, ensuring that global research resources are effectively aligned with local market needs [3]. Group 3: Product Development - Fidelity emphasizes the importance of understanding the genuine needs of the Chinese market, particularly in the context of its evolving pension system [5]. - The firm aims to develop targeted products for different client segments, leveraging its global asset allocation strategies while also creating localized solutions [3][4]. Group 4: Long-term Investment Philosophy - Fidelity advocates for a long-term investment approach, avoiding short-term trends and focusing on maintaining a stable investment style amidst market volatility [6]. - The firm employs a structured investment framework and long-term assessments for fund managers to ensure consistency in investment strategies [6][7].