调查｜险资“灰色”投资私募量化，中小险企借道MOM试水

Core Viewpoint - Insurance funds are increasingly investing in private quantitative products, particularly since the positive changes in the capital market following the "9·24" event in 2024, with several small and medium-sized insurance companies participating in this trend [3][4][8]. Investment Trends - There is a noticeable trend of insurance capital investing in private quantitative products, with a focus on quantitative index enhancement strategies that have shown strong performance [2][4]. - Quantitative index enhancement products have outperformed traditional public funds, leading insurance companies to prefer these private offerings [5][10]. Investment Structure - Insurance funds typically invest in private quantitative products indirectly through a "Manager of Managers" (MOM) structure, where they invest in a single asset management plan managed by a brokerage, with the private fund acting as an advisor [3][11]. - This structure allows insurance companies to navigate regulatory uncertainties while still accessing the benefits of private quantitative strategies [11][12]. Performance and Market Conditions - In a low-interest-rate environment, insurance companies are compelled to seek alternative investment avenues, with private quantitative products providing a potential solution for enhancing returns [8][9]. - The performance of small-cap index enhancement products has been particularly strong, with some achieving returns exceeding 50% in a favorable market [4][8]. Regulatory Environment - The regulatory stance on insurance funds investing in private quantitative products remains ambiguous, with existing guidelines generally excluding private securities funds from eligible investment categories [11][12]. - There is speculation that regulatory bodies may eventually clarify the rules surrounding these investments, potentially imposing stricter requirements on the management of insurance funds [12]. Industry Sentiment - While there is enthusiasm for the potential of private quantitative investments, there are also concerns regarding compliance and the inherent risks associated with private fund management [9][10]. - Some industry insiders advocate for a cautious yet open approach to these investment strategies, recognizing them as a necessary exploration for small and medium-sized insurance companies seeking to improve their returns [10].