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国务院发展研究中心金融研究所副所长

 
 
 

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巴曙松教授,博士,国务院发展研究中心金融研究所副所长,研究员,博士生导师,享受国务院特殊津贴。    巴曙松教授在银行、证券、基金、企业年金等领域有过10余年的实践工作经验,熟悉商业银行风险管理、基金与年金运作,参与中银香港海外重组上市项目,主持起草了《中银香港风险管理政策与流程》。目前的主要研究领域为金融机构风险管理与金融市场监管、企业融资问题与货币政策决策,出版了国内第一本系统研究巴塞尔新资本协议的《巴塞尔新资本协议研究》(中国金融出版社2003年版)

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fun with flows   

2008-02-19 12:23:49|  分类: 信息汇总 |  标签: |举报 |字号 订阅

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Fun With Flows - Year of the Rat Kicks Off With US$461m Asian Fund


Key points from today's noteinclude:

* A small pickup in outflows - EPFR Global reported that netoutflows from offshore Asian equity funds rose 6% WoW to US$461m inthe week ended February 13. This takes total net redemptions YTD to US$8.7b compared with netinflows of US$16.4b for 2007 as a whole.

* 94% of the new money invested in Asia in 2H07 is nowunder water - Stripping out the weeks of outflows in thisperiod, US$27.4b of fresh money was invested in Asian funds.US$25.8b of this is now suffering from a loss of 12% on average, orUS$3.1b. AUM of these Asian funds shrank 25% from US$225b at thepeak at the end of October to the current US$169b. Last time whenwe saw this happen was in the 2001 global growth slowdown.

* Foreign investors still preferMalaysia, Hong Kong and Taiwan equity funds -According to EPFR, net inflows to these funds were US$288m over thepast three weeks versus redemptions of US$2.7b from other Asianfunds. Not surprisingly, India and China country funds were the toptwo of the outflow list.

* Don't expect global funds to help revive Asian markets -YTD net redemptions from GEM funds and International fundstotal US$9.8b. In 2001, total net outflows from these twofund groups were US$7b, or 3% of their asset size. Today it's 1%thus far.

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