机构资金“借道”涌入量化交易，私募MOM新品备案被叫停

Core Insights - The registration of new private MOM (Manager of Managers) products has been suspended, raising concerns about the potential for these products to become mere "channels" rather than maintaining active management [2][8] - Despite the suspension, the private MOM model has seen significant growth, with the number of registered products and investment scale reaching new highs in 2025, driven by institutional interest in quantitative trading [4][5] Group 1: Private MOM Product Growth - The number of newly registered private MOM products surged to 58 in 2025, more than double the 23 registered in 2024, indicating a strong market demand [4] - As of 2025, there are a total of 115 registered private MOM products, with over half of them being newly added in that year, highlighting the increasing preference for private MOM among institutional investors [5] Group 2: Institutional Investment Dynamics - Institutional funds, including insurance and bank wealth management, are increasingly attracted to private MOM products due to their ability to provide stable returns and risk diversification [5][7] - The investment strategies employed by private MOM products are flexible and align well with the risk preferences of institutional clients, making them a favored choice for asset allocation [5][7] Group 3: Regulatory Concerns - Since September 2025, no new private MOM product registrations have been approved, reflecting regulatory concerns about excessive institutional capital entering the quantitative trading space [5][8] - The regulatory environment may evolve, with expectations that the suspension of new registrations could be temporary, as the demand for investment through private MOM products remains strong [10]