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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 - year of the rat kicks off with us$461m asian fund outfl  

2008-02-19 10:14:19|  分类: 默认分类 |  标签: |举报 |字号 订阅

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Key points from today's note include:

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

* 94% of the new money invested in Asia in 2H07 is now under water - Stripping out the weeks of outflows in this period, 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, or US$3.1b. AUM of these Asian funds shrank 25% from US$225b at the peak at the end of October to the current US$169b. Last time when we saw this happen was in the 2001 global growth slowdown.

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

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

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