Thursday, November 19, 2009

基金東來團重現

美國總統奧巴馬遠道訪問亞洲,重頭戲當然是來內地,同另一位重量級領袖國家主席胡錦濤揸手,兼且參觀長城做好漢,反映亞洲熱之厲害。

同投資賓架朋友談起,原來投資界同樣彌漫一片亞洲投資熱潮,即使臨近年尾,大家都應該要準備迎接一個快樂聖誕之際,原來他近期竟然仍要忙於工作,兼且要左飛右撲,為的是安排會議,招呼來自歐洲的基金大戶。

除了之前談及的亞洲新股(IPO)市場熱鬧非常外,歐美基金大戶都想在今年收爐前,能夠親身東來走一趟,與有份投資的公司管理高層揸揸手,加深了解投資對象的最新情況及未來發展方向。

不說不知,那些手握巨額資金供投資的基金經理,若果要參加這類會議,必須要自己掏腰包,支付機票加食宿的安排,避免出現利益輸送等問題,當然,安排這些會議的投資銀行也要安排一些正式會議以外的活動,如聯誼和觀光等,畢竟短則也要花一周時間。朋友話,去年正值金融海嘯,基金大戶忙於減磅,而今年剛好相反,只要年初甚麼也不用做,繼續坐盤,望著股市向上,年底按「mark to market」(按市價計價),回報已相當顯著,足夠交差有餘,故此能有額外預算,乘搭商務客位,進行一、兩周的實地考察也不為過。

其實,近來不少投行也舉行類似會議,美資的有高盛、美林美銀和花旗,而歐資的代表則有里昂和比聯等,而舉行地點除香港外,當然有北京的份兒,甚至往南韓走走也有,一樣有捧場客,難怪投行即使想安排small group conference(小圍會議),每團只有8間、10間基金客戶,最後卻出現超額申請情況,甚至吸引一些在亞洲區內的基金也要報名加入,可見踴躍程度之烈。

賓架朋友話,每團人數不多,才能讓基金大戶有足夠時間向上市公司高層發問,否則人數一多,根本無暇應付太多問題,基金大戶也無法掌握自己想知的情報,當然,人數較少,也顯得尊貴一點吧!

為何這些投行要安排這些吃力不討好的活動呢?賓架朋友解釋,投行一向扮演中間人角色,將有錢投資的基金,與等人投資的公司拉在一起,投行一方面可以向亞洲區的公司客戶展示其海外脈絡及「水頭」實力,同時又可向基金大戶顯示自己的客戶陣容,確實有點炫耀的味道。不過,賓架朋友話,最重要是基金大戶依時「上堂」,不要隨意改行程,否則更頭痛。

至於對上市公司管理高層來說,可能只需安排一個小時的presentation,講解業務近況等,好讓基金大戶多了解實況。賓架朋友補充,更重要的是,若和負責「泵水」的機構投資者建立關係,日後公司要再伸手集資時,相信對投行也會較容易應付,因為在制訂集資條款和定價時,更易掌握基金大戶的取向,自然提升效率,完成交易,有錢落袋機會便大增。

(11月19日刊於《am730》)

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