Tuesday, December 15, 2009

對沖基金人財兩吸

美國國會上周通過金融監管改革方案,相信在金融機構內,負責法律部門的員工今年難以享受一個快樂聖誕,因為該法案厚近1,700頁,恐怕要花時間消化,以符合法律規定。

金融機構除了被綁手綁腳外,投資銀行亦要在花紅方面着手改變,藉此減低市場對派發巨額花紅的惡評,且看高盛(Goldman Sachs)要派股份代替現金花紅,隨後花旗集團(Citigroup)即使還債予政府,不再受制肘後,亦不敢造次,同樣選擇發行股份予僱員作花紅,希望僱員努力工作,讓公司賺得更多,令股價水漲船高,員工所持股份價值也跟隨向上,日後便可賺得更多,但發行新股對攤薄每股盈利的影響,日後又如何安撫股東的不滿呢?

另一個金融行業卻似乎續大派實際甜頭予僱員,原來對沖基金的員工收入也豬籠入水,即使基金表現欠突出,一樣可以提高收入。據Hedge Fund Jobs Digest一份調查報告發現,從受訪的對沖基金結果顯示,46%的對沖基金從業員認為今年花紅將獲提升,即使有45%的受訪對沖基金出現投資虧損情況。

調查指對沖基金經理及相關僱員去年平均賺30萬美元(約234萬港元),今年所得續升,其中28%受訪者認為自己的收入可以獲提升15%或以上,甚至有9%認為自己的收入比08年更可翻一番。出現基金表現差,花紅卻向上的原因之一,或許是對沖基金向所聘用的人才,提供一定年期的花紅保證,以致無論投資表現好壞,也需付大額花紅的矛盾情況。另一原因可能是對沖基金屬私人公司性質,並非上市公司,與以往科網熱潮期間,科網公司向員工大派認股權證,若公司成功上市,員工便可賺取巨額回報的策略有所不同,根本難以派對沖基金股份,形成派現金較實際。

所謂水向低流,對沖基金有好環境,吸引人才的能力便增加,如調查發現40%受訪者原來在對沖基金公司工作不足兩年時間,而27%更原來是從投資銀行投身過來的,引致產生人才大轉移局面。試問投資賓架見自己份花紅,被政府所箝制,怎不改投可以賺取高薪的其他金融陣地呢?

另一個讓對沖基金行業吸才的原因,或許與該行業再度活躍有關,且看Hedge Fund Research統計顯示,今年第三季有224間新對沖基金開張大吉,甚至比期內結束的190個對沖基金為多,即淨增34間,儘管數目不算多,但已經是金融海嘯爆發以來,首次出現淨增長情況。

由於全球各國實施貨幣寬鬆政策,讓金融機構水浸,可供投資的資金亦大增,大家自然會再度利用對沖基金幫手投資,故直至11月底,對沖基金管理的資產首次在年內再增至高達2萬億美元(約15.6萬億港元),續增3.4%,而單是11月便流入263億美元(約2,051億港元),連續7個月錄流入情況,試問金融專才怎會欠彈藥顯身手呢!

(12月16日刊於《am730》)

10 Comments:

At 1:45 PM, Blogger greatsoup said...

This comment has been removed by the author.

 
At 1:46 PM, Blogger greatsoup said...

This comment has been removed by the author.

 
At 1:52 PM, Blogger greatsoup said...

褟先生您好:

你的文章寫得很有參考價值,可否讓小弟供網友參考之用?

雖然小弟之前未經准許就轉載你的文章,做法有不當,之抱歉!

謝謝!
greatsoup 上

 
At 8:29 AM, Blogger oakleyses said...

air max, burberry outlet, true religion jeans, louboutin, louis vuitton outlet, louboutin, ray ban sunglasses, tiffany and co, coach outlet store online, oakley sunglasses cheap, christian louboutin shoes, longchamp outlet, louis vuitton, true religion jeans, tory burch outlet, kate spade outlet, kate spade handbags, oakley sunglasses, jordan shoes, polo ralph lauren outlet, louis vuitton outlet, louis vuitton handbags, coach outlet, prada outlet, ray ban sunglasses, chanel handbags, michael kors outlet, longchamp handbags, michael kors outlet, oakley sunglasses, nike shoes, air max, coach purses, michael kors outlet, longchamp handbags, louis vuitton outlet stores, nike free, prada handbags, coach factory outlet, gucci outlet, tiffany and co, louboutin outlet, michael kors outlet, polo ralph lauren outlet, michael kors outlet, burberry outlet, michael kors outlet

 
At 8:37 AM, Blogger oakleyses said...

abercrombie and fitch, hollister, sac burberry, sac hermes, nike free pas cher, michael kors, sac guess, timberland, nike free, lululemon, new balance pas cher, true religion outlet, sac louis vuitton, mulberry, louis vuitton uk, longchamp, nike roshe, vans pas cher, air max, louboutin, vanessa bruno, nike blazer, hollister, air force, ray ban pas cher, true religion outlet, north face, oakley pas cher, hogan outlet, nike trainers, nike tn, air jordan, sac louis vuitton, polo lacoste, louis vuitton, air max pas cher, michael kors pas cher, michael kors, polo ralph lauren, sac longchamp, converse pas cher, ralph lauren, nike roshe run, barbour, nike air max, air max, north face, ray ban sunglasses

 
At 8:37 AM, Blogger oakleyses said...

abercrombie and fitch, hollister, sac burberry, sac hermes, nike free pas cher, michael kors, sac guess, timberland, nike free, lululemon, new balance pas cher, true religion outlet, sac louis vuitton, mulberry, louis vuitton uk, longchamp, nike roshe, vans pas cher, air max, louboutin, vanessa bruno, nike blazer, hollister, air force, ray ban pas cher, true religion outlet, north face, oakley pas cher, hogan outlet, nike trainers, nike tn, air jordan, sac louis vuitton, polo lacoste, louis vuitton, air max pas cher, michael kors pas cher, michael kors, polo ralph lauren, sac longchamp, converse pas cher, ralph lauren, nike roshe run, barbour, nike air max, air max, north face, ray ban sunglasses

 
At 8:37 AM, Blogger oakleyses said...

marc jacobs, soccer shoes, abercrombie and fitch, hollister, asics running shoes, canada goose, ugg boots, nfl jerseys, reebok outlet, herve leger, ugg, north face outlet, mont blanc, longchamp, insanity workout, canada goose uk, chi flat iron, babyliss pro, ugg pas cher, ugg australia, canada goose jackets, mcm handbags, canada goose, wedding dresses, new balance shoes, mac cosmetics, soccer jerseys, celine handbags, birkin bag, p90x, ferragamo shoes, valentino shoes, nike huarache, beats by dre, ghd, instyler, jimmy choo outlet, lululemon outlet, bottega veneta, canada goose, rolex watches, canada goose outlet, vans shoes, nike roshe run, moncler, ugg boots, north face jackets, uggs outlet, giuseppe zanotti

 
At 8:47 AM, Blogger oakleyses said...

louboutin, moncler outlet, juicy couture outlet, iphone 6 cases, hollister, moncler, karen millen, oakley, baseball bats, wedding dresses, ray ban, gucci, canada goose, ralph lauren, canada goose, swarovski crystal, hollister clothing store, moncler, air max, converse, pandora jewelry, juicy couture outlet, rolex watches, moncler, supra shoes, moncler, pandora charms, ugg, vans, toms shoes, links of london, pandora charms, air max, timberland boots, parajumpers, hollister, thomas sabo, louis vuitton, montre homme, coach outlet store online, lancel, ugg, swarovski, moncler, converse shoes

 
At 9:44 AM, Blogger chenlili said...

chenlili20160627louis vuitton
louis vuitton handbags
cheap air jordans
louboutin shoes
polo ralph lauren
tory burch outlet online
fitflop sandals
ray ban sunglasses
michael kors outlet
oakley sunglasses wholesale
louis vuitton outlet
coach outlet
oakley canada
gucci outlet
air force 1
coach factory outlet
adidas running shoes
fitflops shoes
cheap jordans
nfl jerseys wholesale
ray bans
abercrombie & fitch new york
coach outlet
michael kors outlet clearance
jordan 3 retro
juicy couture
polo outlet
ralph lauren outlet
timberlands
toms outlet
michael kors handbags
ghd hair straighteners
true religion sale
coach outlet store online
louis vuitton purses
michael kors outlet
kd 8 shoes

 
At 3:25 PM, Blogger Fangyaya said...

toms wedges
pandora jewelry
polo ralph lauren outlet
louis vuitton outlet
nike free run
nike uk
michael kors handbags
celine handbags
louis vuitton outlet
jordan 8
michael kors outlet
true religion jeans
vans outlet
jordan 4
oakley outlet
oakley outlet
louis vuitton outlet online
oakley vault
ralph lauren uk
michael kors outlet clearance
toms shoes
nike air max
nike sb shoes
coach outlet store online clearances
michael kors outlet
replica watches for sale
beats headphones
nike air force
polo ralph lauren
hollister clothing
ralph lauren polo outlet
cheap oakley sunglasses
gucci outlet
ed hardy clothing
oakley sunglasses
ray ban
oakley sunglasses
coach outlet
fitflops
louis vuitton outlet
20167.12chenjinyan

 

Post a Comment

<< Home