Thursday, August 30, 2007

美資亞洲掘井

美國次按又「拮」股市,加上「港股直通車」這個概念原來還未開始成形,若果早前追入買國企股的散戶,未能及早「跳車」的話,恐怕又要錄得帳面虧損。其實,內地政府推行新政策,一公布就讓投資者樂透,但隨後如何執行的細節卻要等一等,令好消息冷卻下來,這就是未成熟市場的表現。


幸好,亞洲市場魅力依然,大行都要紛紛進駐兼擴充,看好內地市場是必然原因之一。早前摩根士丹利話租新地(016)於九龍站的ICC,意味陸續加人手,而其他大行又要搶人才,例如雷曼兄弟(Lehman Brothers)剛找到何顯鴻做中國股票研究部主管,而之前已增聘人手擴大日本股票部門,實行要在亞洲大展拳腳。


何顯鴻對內地市場的研究已累積二十多年經驗,之前在瑞銀(UBS)擔任中國股票策略師兼中國股票研究部主管,難怪成為獵頭對象,讓雷曼成功從歐資對手那邊撬過來,開設這個新職位讓他來坐鎮。


其實,他從前也曾在美資大行工作過,分別在美林和摩根士丹利任職,同樣是做中國研究部主管,所以重投美資行懷抱,相信不難適應。


美資行似乎未受次按風暴影響,繼續擴展亞洲版圖。早前貝爾斯登(Bear Stearns)旗下兩隻對沖基金被次按風暴搞到一身蟻,但仍未改其發展決心,找來John Moore做亞洲區行政總裁,實行要爭市場。Dealogic統計話,貝爾斯登今年以來,不計日本市場,在亞洲區投資銀行收益排名由第35位升至第19位,進步不小,但實質佔有率才0.6%,明顯輸給其他同鄉對手,有必要增強實力。


所謂大有大做,細有細做,除了大行加強實力外,新的金融公司亦湧現,禤中怡聽到證監會話,上半年已發牌給20間新對沖基金經理,他們主要管理對沖基金或提供顧問服務,其中14間更是本地薑,其餘才是海外對沖基金經理的聯屬公司。


證監會同8間本地對沖基金見面,發現他們都是只有4至7名員工的小公司,但涉及資產總值約17億美元(約132.6億港元),絕對不能小窺!他們的投資策略似乎無甚秘密,像揸好淡倉,部分基金經理會做小量投資衍生工具、甚至用期貨和期權做對沖等。


至於一向較神秘的槓桿投資策略方面,按長短倉對比資產淨值計,原來槓桿比率才120%或以下,即稍高於資產而已,最高的才略高於200%,未見過度借貸。雖然對沖基金之前被日圓套息拆倉潮嚇一嚇,但擴張未停,如果有興趣做對沖基金分析員,相信叫價5、6萬元月薪,應無甚大問題。中環財經圈的年輕人有興趣挑戰嗎?


(8月30日刊於《am730》)

11 Comments:

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禤先生, 你好, 請問如何可以 做到沖基金分析員 ? 本人中五程度, 未做過金融公司, 是否要修讀一些課程才可以?

 
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