特定客户资产管理业务对传统公募基金影响分析

本文结合特定客户资产管理业务和传统公募基金在盈利模式等方面存在的较大差异，分析了基金专户理财业务的开展对传统基金业带来的冲击和挑战。笔者认为，管理层应借鉴海外市场专户成功运作经验，进一步细化专户业务监管，严格分离专户业务和公募基金，保持公募基金管理和专户投资的独立运作，从而减少专户业务对传统基金管理的不利影响。

A Analysis of the Impact of the Separately Managed Accounts on the Mutual Fund

Based on the differences between the separately managed accounts and the mutual fund in the area of profit model and so on, this paper analyzes the impacts and challenges of the separately managed accounts on the mutual fund. From the analysis, we suggest the managers should learn the successful operation experience from the overseas markets, give more detail supervise to the separately managed aeeounts and separate it from the mutual fund strictly, keep the independence operation of the mutual fund management and the separately managed accounts management, thereby reducing the adverse affects of the separately managed accounts on the mutual fund.